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Financial & Banking

BNR's Governor Mugur Isarescu Opening Speech at the Annual EBRD EU-11 Meeting

Monday, April 23, 2018

Vice President Heilbronn,Minister Teodorovici,Your Excellences,Ladies and gentlemen, You are most welcome here, at the National Bank of Romania (BNR). Together with the Board of the Bank we are privileged to greet you here, today, for the Annual European Bank for Reconstruction and Development EU-11 Meeting. Let me begin by saying that the National Bank of Romania has always had a consistent and ...

The net assets of the investment funds of Romania increased to 26.3 billion lei in March

Monday, April 23, 2018

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The net assets of the 198 funds opened and closed with the exception of SIF and FP local and foreign increased in March with 0.4% up to the level of 26.3 billion lei (5.7 billion euro) registering a drop of 0.1% since the beginning of the year, shows a press release of the Association of Funds Managers of Romania (AAF).The net sums of March were 328.7 million lei (70.5 million euro). The net assets of the 78 funds locally opened dropped in ...

MFP gives 6.12 million dollars for accession  to the Asian Bank for investmen in infrastructure

Monday, April 23, 2018

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The ministry of public finaces (MFP) is going to give, this year, 6.12 million dollars for accession of Romania to the Asian Bank for investments in infrastructure (AIIB),a draft law published on the site of the institution.‘On the basis of the memorandum approved by the Romanian government on 21 February 2017 the letter in which the accession of Romania as a member in the institution and through which the financial conditions were accepted  was sent to ...

OTP Bank  gives up the taking over of Banca Romaneasca

Monday, April 23, 2018

OTP Bank will no longer buy the shares package representing 9928%of  the capital subscribed of the Banca Romaneasca S.A.,institution at present  in the ownership of National Bankof Greece – informed the Hungarian bank through the official site of the BVB Budapest,according to MTI. According to the notice, the contract  sale-purchase signed on 26 July 2017,which had as object the acquisition by OTP Bank Romania S.A. of the shares ...

Romanian lender wants to sell EUR 350 mln worth of bonds

Monday, April 23, 2018

Romanian lender Banca Transilvania (BT) wants to sell subordinated bonds worth EUR 350 million, with a 10-year maturity and a fixed or variable interest rate, romania-insider,com informs. The bank has included the proposal on its general shareholders meeting on May 23. It would sell the bonds through an private placement dedicated to up to 150 qualified investors, and intermediated by BT Capital Partners, its brokerage division. ...

TBI Bank's retail loan portfolio in Bulgaria, Romania grows 39% in 2017

Monday, April 23, 2018

TBI Bank, part of Luxembourg-registered consumer lending group 4finance Holding operating in Bulgaria and Romania, said its retail loan portfolio grew by 39% last year, seenews.com informs.  The bank's net profit rose by 19% to 38.9 million levs ($24.6 million/19.8 million euro) in 2017, TBI Bank said in a presentation during a news conference held in Sofia on Wednesday. The bank's assets increased by 15% year-on-year to 719 million levs in 2017. ...

SIF investment funds' aggregate net assets up 3.2 percent this March

Monday, April 23, 2018

The net assets of the five financial investment companies (SIFs) stood at an aggregate 8.9 billion lei at the end of March, up 3.2 percent from the end of February, the Romania's Fund Managers Association (AAF) said in a release on Thursday.Except for SIF Oltenia, which recorded a drop of 1.6 percent, the net individual assets of the other four SIFs had an upward trend in the reporting month, as follows: 11.1 percent for SIF Banat-Crisana; SIF Transilvania up 1.9 ...

Romanian banks to report money transfers from abroad over EUR 1,000

Monday, April 23, 2018

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The Romanian banks will be compelled to report all transfers of funds from a foreign country to Romania if the amount exceeds EUR 1,000, according to a law project proposed by the National Office for Prevention and Control of Money Laundering (ONPCSB), ...

BNR: Balance of payments and external debt - February 2018

Monday, April 16, 2018

According to Central Bank (BNR) data, in January - February 2018p, the balance-of-payments current account posted a deficit of EUR 172 million, compared with EUR 72 million in January – February 2017; the deficit on trade in goods widened by EUR 434 million, the surplus on services and that on secondary income narrowed by EUR 6 million and EUR 2 million respectively, while the primary income balance recorded a surplus of EUR 170 million, compared with a deficit of EUR ...

Foreign investors calling on Parliament, Gov't to clarify transfer of social security contributions

Monday, April 16, 2018

The Foreign Investors Council (FIC) is calling on Romania's Parliament and Government to clarify the situation of the transfer of social security contributions, arguing that at this point, it is not known what form of Emergency Ordinance (OUG) 79/2017 will clear Parliament or when the passage happens, according to a letter from the FIC addressed to the chairs of the Senate and the Chamber of Deputies, as well as to the prime minister and the minister of ...

Adrian Tanase (BVB): I am worried of a fine from the Competition Council

Monday, April 16, 2018

The potential risk of commencing an investigation in the Competition Council concerning the tariff scheme must disappear, and on the General Assembly's agenda of next week there will be a cancellation of the decision to review the scheme, Bucharest Stock Exchange (BVB) CEO Adrian Tanase said in an interview for AGERPRES.He pointed out that he is afraid of a fine from the competition authority, but he does not believe, that, in the event of a sanction, there will ...

Credit Europe Bank expands its branch network in Bucharest

Monday, April 16, 2018

Credit Europe Bank Romania (CEB Romania) opens new branch in the Sun Plaza Commercial Center, a press release informs. The new unit is available to customers starting with March. “We decided to open a new branch in Sun Plaza, an important commercial center for the capital, in an area with great business potential, from the desire to be close to our current and potential customers”, Engin Alaybayoglu, Chief Marketing Officer, Credit Europe ...

PM Dancila: completion of legislative framework for Pillar II pension system, a priority in the quarter ahead

Monday, April 16, 2018

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Completing the legislative framework for the development of the Pillar II pension system is one of the priorities of the quarter ahead, Premier Viorica Dancila announced on Thursday."Completing the legislative framework for the development of the Pillar II pension system is one of the priorities in the quarter ahead and we will make sure that no public pension is trimmed for Pillar II contributors," Dancila said at the beginning of the government ...

Former BCR presidents will manage Piraeus Bank Romania

Monday, April 16, 2018

Nicolae Danila, a former executive president of BCR – the biggest lender in Romania, will take over as president of Piraeus Bank’s board of directors after US fund JC Flowers finalizes the takeover process, romania-insider.com informs. Dominic Bruynseels, another former CEO of BCR, will be the new CEO of Piraeus Bank, ...

Non-performing loans increase in February to 6.24pct

Monday, April 16, 2018

 The rate of non-performing loans increased by 0.02 percentage points in February compared to the previous month, to 6.24%, the latest data from the National Bank of Romania (BNR) shows.Compared to the similar month of 2017, the indicator fell by 3.34 percentage points.The document also shows that the number of individuals with arrears longer than 30 days in banks and non-bank financial institutions declined by 1,12% in February, compared to the ...

Number of past-due individual borrowers down to 672,516 this February

Monday, April 16, 2018

The number of individual borrowers overdue on loans by more than 30 days to banks and non-banking financial institutions was 1.12 percent down this February from January 2018, to 672,516, with an aggregate overdue amount of more than 7.24 billion lei, shows data of the National Bank of Romania (BNR). The bulk of overdue payments is in lei and euro, specifically 3.12 billion lei and the equivalent in euro of 2.92 billion lei. Arrears more than 90 days past due ...

Omniasig sees 2.2% sales decline in Romania in 2017

Monday, April 16, 2018

Omniasig Vienna Insurance group, one of the top five insurers in Romania, recorded a 2.24% drop in gross premiums underwritten in 2017, to RON 1.06 billion (EUR 232 million). The company’s evolution was impacted by a 4.3% drop in car insurance, especially mandatory car insurance (RCA). On the optional car insurance segment (CASCO), the company recorded a 20% increase in gross premiums. Omniasig also recorded a 6.2% ...

Libra Internet Bank ups profit by 83% in Romania

Monday, April 16, 2018

Libra Internet Bank, a small local lender owned by American investment group New Century Holding (NCH), recorded a net profit of RON 59.4 million (EUR 13 million) in 2017, up by 83% compared to the previous year. The bank’s total assets went up by 36%, reaching RON 4.6 billion (close to EUR 1 billion), while its market share went over 1% at the end of last year. The growth mainly came from the bank’s traditional business lines, namely ...

Romania’s insurance market rose 3.5 pct in 2017, to RON 9.7 bln; life insurance up 21 pct

Monday, April 16, 2018

The Romanian insurance market grew by 3.5 percent in 2017, up to RON 9.7 billion (EUR 2.1 billion), due mainly to the rapid increase of life insurance segment, but the market penetration of insurances declined, (ASF) data show quoted by business-review.eu. The car insurance segment, including compulsory car insurance (RCA), maintains its dominant position, with 59 percent of the insurance market in 2017, according to ASF. Car insurance market rose 8 ...

Mugur Isarescu, NBR Governor: Opening Speech at the “Meeting the Challenges of Volatility” Conference

Monday, April 2, 2018

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Distinguished guests,Ladies and gentlemen, Good morning and welcome to the National Bank of Romania. Let me extend a warm welcome to our keynote speaker, Ms. Rachel Lomax, a trusted, longstanding friend of Romania. I am pleased to open today’s conference – Meeting the Challenges of Volatility, organized by two prestigious professional associations, the Romanian Financial Analysts’ Association (AAFBR) and ...

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