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Financial & Banking

Mandatory private pension funds boast higher returns than voluntary ones

Monday, January 11, 2021

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The weighted average rate of return for mandatory private pension funds (Pillar II) in Romania went up to nearly 4.9% in November (for medium-risk funds), after plunging to just over 3% in April at the beginning of the coronavirus crisis, reported the financial markets' regulator ASF. For the higher-risk funds, the return neared 5%.   The volume of assets under the management of the mandatory private ...

Assets of optional pension funds top 2.8 bln lei as of November 27, 2020

Monday, January 11, 2021

As of November 27, 2020 optional pension funds held assets worth over 2.8 bln lei, up 15.26 percent YoY, the Financial Supervisory Authority (ASF) announced.Government securities account for the highest share of this amount, with 1.825 bln lei (64.10 pct), followed by stocks with 712.819 mln lei (25.03 pct) and units in collective investment undertakings with 93.556 mln lei (3.29 pct).Assets of Pillar III pension funds totaled 2.847 bln as of ...

Vista Bank acquires Credit Agricole Romania

Monday, January 11, 2021

Vista Bank announced the conclusion of a deal to acquire a full 100 percent stake in Credit Agricole Romania; the acquisition is expected to be completed during the first half of this year, after it gets the approval of the National Bank of Romania (BNR) and of the Competition Council, the bank said in a release.After the acquisition is completed, Vista Bank will hold total assets of over 1.2 billion euros, loans worth 750 million euros, deposits worth 1.1 ...

Four out of ten Romanians manage to economise in pandemic

Monday, January 11, 2021

Approximately four out of ten Romanians have managed to economise (39 pct) during the pandemic, as compared to a pre-pandemic normal month, when two thirds of the respondents (68 pct) managed to do so, reveals a study conducted by the Romanian Institute for Evaluation and Strategy (IRES), commissioned by the Romanian Association of Banks.Thus, the study "The digitization of the banking system in the Romanians' perception," conducted in December 2020, also ...

Deloitte assisted VIG in the acquisition of Aegon assets in Hungary, Poland, Romania and Turkey

Monday, January 11, 2021

Deloitte assisted the Austrian insurer Vienna Insurance Group AG Wiener Versicherung Gruppe (VIG) in the acquisition of the Dutch group Aegon’s non-life and life insurance, pension and asset management businesses in Hungary, Poland, Romania and Turkey. With a purchase price of EUR 830 million, this is one of Central Europe’s largest deals in the financial industry in ...

Senate: Loan agreement between Romania, IBRD, worth 500ln euros, adopted

Monday, January 4, 2021

The Senate adopted, on last Monday, the bill initiated by the Government regarding the ratification of the Loan Agreement (result-based program in Romania's health sector) between Romania and the International Bank for Reconstruction and Development (IBRD), worth 500 million euros.The agreement was signed in New York on September 23, 2019, amended and updated by the Letter of Amendment signed between Romania and the International Bank for Reconstruction and ...

Payment of bank installments can be postponed for a maximum period of 9 months

Monday, January 4, 2021

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Prime Minister Florin Citu said on Wednesday that the Government had adopted an ordinance according to which the payment of bank installments could be postponed for a maximum period of 9 months."It is about amending Ordinance 37 on granting some facilities for loans extended by credit institutions and non-banking financial institutions to certain categories of debtors. It is about extending the deferral of payment of installments to the bank. (...) If you ...

Deposits of non-government resident customers rise by 1.5% in November

Monday, January 4, 2021

Deposits of non-government resident customers have gone up in November 2020, by 1.5% as opposed to the previous month, to the level of 410,279 million RON and by 15% (12.6% in real terms) as opposed to the same month of the previous year, says the Romanian National Bank (BNR) in a press release .Resident deposits in RON, with a share of 64.4% from the total of non-government clients, have gone up by 1.2% as opposed to October 2020, up to 264,420 million RON, ...

Non-government loan increases by 0.7 pct in November

Monday, January 4, 2021

The non-government loan granted by credit institutions increased in November 2020 by 0.7 pct compared to October 2020 (0.5 pct in real terms), to the level of 281,001 billion lei, the National Bank of Romania (BNR) informs in a press release.The loan in (national currency) lei, with a share of 69.3 pct in the total volume of non-government credit, increased by 1.1 pct and foreign currency credit expressed in lei, with a share of 30.7 pct in total ...

Romania has to pay EUR 11.2 M to the WB in 2021

Monday, January 4, 2021

Romania will have to pay EUR 11.2 million to the World Bank (WB) in 2021, from the loan taken out in 2009, according to the Ministry of Public Finance. The sum actually represents interests commissions.   The World Bank is the only institution that Romania has to reimburse money by 2023, as the loans from the EU and IMF were paid entirely, with the last installments being paid in 2019 (to the European ...

REI Finance Advisors tripled its business and consultants’ team in 2020 and will reach over 100 specialists in 2021

Monday, January 4, 2021

REI Finance Advisors, one of the most dynamic companies specialized in consultancy services for attracting European funds and state aids, tripled its business and its team of consultants, after reaching 8 regional offices across the country in 2020. The evolution comes as a part of the development strategy at the national level, both in the context of the measures announced by the Romanian Government to support the companies affected by COVID-19, as well as the measures to ...

BNR: Banking sector's financial situation in 2021 allows it to finance without constraints

Monday, January 4, 2021

The Romanian banking sector remains in 2021 as well with a financial situation that will allow it to continue financing without constraints on the solvency and liquidity side, said on Wednesday Florian Neagu, Deputy Director of Financial Stability Department, the National Bank of Romania (BNR)."We have recently completed the annual stress testing exercise of the banking sector, and the good news is that even in an adverse scenario, the main banks in the ...

Private pension market successfully rides out storm launched by SARS-CoV-2 virus

Monday, January 4, 2021

The private pension market of Romania has successfully crossed the storm that was launched by the presence of SARS-CoV-2 virus, which rewrites the history of mankind and leaves deep wounds in the global financial ecosystem, according to an analysis made my the Financial Supervisory Authority (ASF).According to the quoted source, the private pension system has known a positive evolution throughout its functioning, its total assets and number of participants ...

Annual Report of BNR: ‘ the balance of payments and Romania’s international investment position’

Monday, December 21, 2020

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2019 followed the accelerating trend of current account deficit, which started in 2015, due to the deterioration of the balance of goods, and as a whole, the current account and the capital account got together a deficit of 7.6 billion euro, according to the Annual Report of the National Bank of Romania ‘The balance of payments and Romania’s international investment position’.  ‘Despite the increase of the capital account ...

The system of private pensions is still one of the sectors least affected by the Covid-19 pandemics

Monday, December 21, 2020

The system of private pensions is still one of the sectors least affected in the context of international uncertainty generated by the Covid-19 pandemics, stated on Wednesday Valentin Ionescu, manager of the Department for Strategy and Financial Stability with the Authority for Financial Supervision (ASF).He said that for the market of collective investment undertaking, the most relevant are investment risks, loan risk and liquidity risk. As it follows, they ...

Investors return to mutual funds after March-April panic

Monday, December 21, 2020

During October 2020, the number of investors in Romanian open-end investment funds increased by almost 6,000 to about 341,580, reaching the highest level since February, according to calculations made ...

ASF: Markets overseen by ASF have assets worth 12.5 pct of GDP

Monday, December 21, 2020

The Financial Oversight Authority (ASF) oversees three important markets, the private pension market, the insurance market and the capital market, and the share of these markets in the Romanian GDP has reached at the end of the second trimester around 12.5 pct, said, on Wednesday Nicu Marcu, the chairman of the institution, during the conference to present the Report regarding the stability of financial markets - Q2 2020."The Financial Oversight Authority ...

Romanians invest RON 2.7bn in the second IPO for Governmental bonds on BVB

Monday, December 21, 2020

The Ministry of Public Finance (MFP) attracted RON 1.3bn and EUR 289mn (in a total amount of RON 2.7bn – EUR 555mn), through the second IPO for the sale of government bonds for the population (FIDELIS) carried out this year through the Bucharest Stock Exchange (BVB) systems.   Thus, the value of the financing rounds carried out this year at BVB by the Ministry of Public Finance amounted to RON ...

Moody’s upgrades rating of deposits in three RO banks in line with debt rating

Monday, December 21, 2020

International rating agency Moody's has upgraded the foreign currency (FC) deposit ratings of ten banks in the region, including three Romanian banks: BRD - Groupe Societe Generale, Banca Comerciala Romana (BCR), and Raiffeisen ...

Syndicated credit worth 51 million euro signed by BCR for Pehart Tec Group

Monday, December 21, 2020

The Romanian Commercial Bank (BCR, Banca Comerciala Romana) signed a syndicated loan worth 51 million euro for Pehart Tec Group, the financing to be used to develop the two factories of the company in Petresti and Dej, the bank announced on Friday."Our development plans include investing 20 million euro over three years, through a solid partnership with the banks that facilitated the credit. We are committed to being an example for the paper production industry ...

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