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Financial & Banking

Law on increasing authorized capital held by Romania with IBRD promulgated

Monday, August 3, 2020

President Klaus Iohannis promulgated on Tuesday the law on increasing authorized capital held by Romania with IBRD with over 21 million dollars. According to the law,the increase of the authorised capital held by Romania with IBRD with 682 shares, worth 82,273,070 dollars is approved, according to provisions of Resolution 663/2018, adopted by the IBRD Governors' Council on October 1, 2018. The capital value is 16,454,614 US ...

 Romania's card transaction volume at 28 bln lei in Q2

Monday, August 3, 2020

The number of payments by cards issued by resident payment service providers was 9.6 percent up to 222.2 million in Q2 this year compared to the year-ago period, while the amount of payments was 28.27 billion lei, according to the platform dreptullabanking.ro, titled after the financial intermediation campaign ran by Romanian banks - #TheRightToBanking.Citing preliminary statistical data provided by the banking institutions to the National Bank of Romania, card ...

BCR's H1 2020 net profit at almost 500 ml lei

Monday, August 3, 2020

Banca Comerciala Romana (BCR) posted a net profit of 498.9 million lei (103.6 million euros) in H1 2020, compared to a net loss of 20.8 million lei (4.4 million euros) reported in the same period of 2019, the bank said in a release on Friday.According to the financial results, the operating profit advanced 9.3 percent to 898.2 million lei (186.5 million euros) in H1 2020 from 822 million lei (173.3 million euros) a year ago, while the net interest income increased ...

Erste Group reports half-year results 2020

Monday, August 3, 2020

“I want to thank all our employees in Austria and the CEE region for their exceptional work under the most difficult of circumstances over the past few months. As one of the leading financial institutions in CEE, Erste Group’s actions have been critical to keeping the region’s economies going. Among other things, we have been the transmission channel for over 16 billion euros in government measures and have kept almost all branches open, while our digital ...

BSTDB Invests in Green Bond issued by Real Estate Investor in Romania

Monday, August 3, 2020

The Black Sea Trade and Development Bank (BSTDB) invested EUR 35 million in a EUR 400 million bond issued by Globalworth, the leading office real estate investor in Romania. The proceeds of the Bank’s subscription will be used for the development and construction of office space in Bucharest in compliance with environmentally sustainable standards. “By investing in this issuance, ...

Garanti BBVA Group Romania posts net revenues of RON 263.1 Million in the first Semester 

Monday, August 3, 2020

Garanti BBVA Group Romania has registered net revenues of RON 263.1 million in the first half of 2020. Between January and June 2020, the Group’s total loan volume reached RON 8.66 billion, while the overall assets totaled RON 12.03 billion. On a stand-alone basis, Garanti BBVA posted a net revenue of RON 209.1 million, a 3.8% increase over the first half of 2019 result. The bank`s strategy to put the client in the center of its activities led to ...

 ROCA Investments: EUR 6.3 mln capital increase

Monday, August 3, 2020

Romanian investment and management platform for troubled companies ROCA Investments said its shareholders operated a RON 30.4 million (EUR 6.3 mln) capital increase. This was the first step of ROCA’s plan to double its capital to some RON 122 mln (EUR 25 mln) by the end of this year to make new investments. The second stage of the increase is set to begin in September, targeting new investors. The ...

Insurance market up 8.8% in Q1

Monday, August 3, 2020

The volume of gross written premiums on Romania’s insurance market (general and life) rose to RON 2.96 billion (EUR 622 million) in the first quarter of the year, 8.8% more than in the same period last year. The general insurance segment increased by 9.2% to RON 2.34 billion (EUR 493 mln). The leader of this segment, City Insurance, increased its share to 23% after its revenues rose by 20.5% to RON 540 mln (EUR 114 ...

Govt. to guarantee bank loans for Tarom, Blue Air

Monday, August 3, 2020

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  Government will complete the notification procedure related to the state aid extended to the two airline operators Tarom (state-owned) and Blue Air (private) by the end of July. The Transport Ministry announced this after the latest round of talks with representatives of the two companies on July 27. The state aid will be under the form of guaranteeing the bank loans the two companies need for overcoming the effects of ...

BNR: Monetary indicators – June 2020

Monday, July 27, 2020

At end-June 2020, broad money (M3) amounted to RON 443,745.8 million, down 0.4 percent (or 0.5 percent in real terms) month on month. In year-on-year comparison, broad money rose by 13.6 percent (10.8 percent in real terms), the Romanian Central Bank – BNR informs. At end-June 2020, loans to non-government sector granted by credit institutions increased 0.4 percent (0.3 percent in real terms) from May 2020 to RON ...

ASF: private pensions represented at the end of March 5.83% of the GDP

Monday, July 27, 2020

The value of total assets in management, at the level of the whole private pensions system reached on 31st March 2020 at 62.55 billion lei ( 12.06 billion euro)up by 17.56% against March 2019 informed on Friday the Authority for Financial Supervision (ASF) which says that the average value of an account in the system of private pensions privately managed was 8,114 lei at the end of March. ‘The value of total assets managed at the level of the ...

Tsvetanka Mintcheva, the new executive first vice-president and member of the UniCredit Bank Directorate

Monday, July 27, 2020

Following the previous green light by the National Bank of Romania, Tsvetanka Mintcheva has started her term as executive first vice-president and member of the UniCredit Bank Directorate. Tsvetanka Mintcheva has a 20-year expertise in the banking sector and has built her career within UniCredit Group Bulgaria. From the position of member of UniCredit Bulbank Directorate, she led the GBS Division of the UniCredit Bulbank in the ...

Govt. guarantees bank loans for large companies

Monday, July 27, 2020

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Romania's Government amended the functioning law of state-owned lender Eximbank to allow it to manage the state guarantees program for loans extended to large ...

Ownership threshold for Romanian mass privatisation funds lifted

Monday, July 27, 2020

The 5% ownership threshold at the five Romanian financial investment funds (SIF), launched in the mid-90s as mass privatization funds, was lifted as of July 23. This could lead to new increases for the shares of these companies, which are significantly undervalued compared to their official assets. The combined net assets of the five SIFs were over RON 10 bln (EUR 2.1 bln) at the end of June, while their market capitalization today is about half that ...

Banca Transilvania sees higher NPL ratios in RO, lower than after 2008 though

Monday, July 27, 2020

The quality of Romanian banks' portfolios could deteriorate in the short term, amid the pandemic. Still, the rate of non-performing loans (NPL) will not rise to the levels seen after the 2008-2010 recession, argued on an optimistic note Andrei R?dulescu, head economist of Banca Transilvania. Both the real economy and the banking sector are much better positioned, he explained. The NPL rate under standard EBA methodology fell in ...

Bucharest Stock Exchange announces the top performers of the 2019 stock exchange year and gives out 15 awards

Monday, July 27, 2020

Bucharest Stock Exchange (BVB) has given out 15 awards for the results achieved during the 2019 stock exchange year to the top performing listed companies, brokerage companies, private pensions or investment funds. Radu Hanga, BVB President: Just as the current crisis has highlighted the importance of the Romanian companies, we must also recognize the importance of the ...

ING Bank Romania survey: 4 in 10 Romanians would fall for money-muling job

Monday, July 27, 2020

Over one third of Romanians (39 percent) would accept a job that requires their own bank account to be used for transfers that are actually covering illegitimate activities, thus serving as money mules; the most vulnerable category are people between 18 and 34 years old, shows a survey commissioned by ING Bank Romania .According to the survey titled "Romanians' vulnerabilities in terms of personal data fraud", although nine in ten Romanians declare that they are ...

Press statement from Mugur Isarescu, the Governor of the National Bank of Romania

Monday, July 20, 2020

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Over the past weeks, the National Bank of Romania continued to monitor and assess the relevant data from the perspective of the economic impact of the COVID-19 pandemic, as well as the effects of the monetary policy decisions and measures adopted by the NBR Board in the meetings of 20 March 2020 and 29 May 2020, while acting to put these decisions and measures into practice. The liquidity shortfall on the money market remained at relatively significant ...

Press release of the National Committee for Macroprudential Oversight

Monday, July 20, 2020

The second meeting of this year of the General Board of the National Committee for Macroprudential Oversight (NCMO) was held on 15 July 2020 by written procedure. During the meeting, Board members examined analyses and adopted measures concerning macroprudential policy and systemic risk, namely: (i) the regular analysis on the recalibration of the countercyclical capital buffer, (ii) the assessment of materiality of third countries for the Romanian ...

The financial wealth of the Romanians has increased on average by 7% over the last 20 years

Monday, July 20, 2020

The financial wealth of the Romanians has increased on average by 7% over the last 20 years, in a slower rhythm than the growth of 10% recorded in Central and Eastern Europe, the Baltic states and Russia during the same period, shows an analysis made by Boston Consulting  Group (BCG) which considers that the wealth of the Romanians could be less affected by the crisis generated by Covid-19, as compared to other states in the area. The Romanians ...

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