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Financial & Banking

Costi Stratnic is the new Vice-President of the OMNIASIG Directorship

Monday, September 2, 2019

The Financial Supervisory Authority (ASF) has Okayed the latest change in the structure of the OMNIASIG Vienna Insuran Group directorship, namely the appointment of Costi Stratnic as vice-president of the OMNIASIG directorship on August 27. Knowing Costi ...

Cash money in Romania doubled in 5 years suggesting “money under the mattress” phenomenon

Monday, September 2, 2019

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The value of cash money in Romania doubled during the last five years, over pacing the growth rate of bank accounts and of spending, suggesting a spreading “money under the mattress” phenomenon that could be associated with lack of trust in banks, poor access to bank services and rising informal economy. Business Review’s calculations based on central bank data show that “currency in circulation”, defining in bankers’ slang the value of cash money, ...

Romanians households prefer holding their savings in foreign currency

Monday, September 2, 2019

The stock of deposits held by Romanian residents in local banks at the end of July 2019 increased by 8.8% (4.5% in real terms) in year on year terms, to a total of RON 337.8 billion (RON 71.4 bln), as the volume of savings in local currency increased by 6.8%, to RON 220 bln, while the foreign currency savings advanced by 13%, to RON 117 bln, according to data from the National Bank of Romania (BNR). Firstly, the stock of deposits visibly exceeds the volume of loans extended by local ...

VIG posts EUR 2.4 ml H1 profit before tax for its Romanian business

Monday, September 2, 2019

Austria's Vienna Insurance Group (VIG) reported a H1 profit before tax of 2.4 million euro for its Romanian business, in a rebound from the 43.1 million euro loss registered in the same period of the year before, the company said in a release.The insurer reported 234.9 million euro worth of gross underwritten premiums in H1 in Romania, 13.9 percent less ...

BNR sanctioned 4 local banks in 2019

Monday, September 2, 2019

The National Bank of Romania (BNR) has sanctioned four banks this year with written warning and fine for failing to meet prudential requirements or inappropriate reporting, BNR data show. The four banks are Credit Europe Bank, BCR Banca pentru Locuinte, Banca Comerciala Feroviara and Bank Leumi Romania. Credit Europe Bank and Banca Comerciala Feroviara were sanctioned in March and July, respectively, with written warning for failing to meet prudential requirements, while BCR ...

Mandatory private pension plans' assets exceeding 56.7 billion lei in July 2019

Monday, August 26, 2019

The mandatory private pension plans had assets worth over 56.7 billion lei as of July 31, 2019, up 27.8pct from July 2018, according to data with the Financial Oversight Authority (ASF).Government securities made up the highest share among the assets, at 34.09 billion lei, or 60.06pct of the total. Stocks and shares were second in size, at 11.537 billion lei (20.32pct). The corporate bonds were in third place, at 4.152 billion lei, or 7.31pct of the total ...

Alexandru Paunescu (CSALB): Romanian banks are more open to conciliation procedures with dissatisfied clients – a win-win process

Monday, August 26, 2019

Romanian banks are now more willing to accept entering into conciliation procedures with dissatisfied clients, a process that aims to be a fair one, as it has a win-win nature, Alexandru Paunescu, board member at Alternative Dispute Resolution Centre in Banking (CSALB), told Business Review. Paunescu points out that the procedure is free for the customers, who benefit from the support and consultancy of law and financial experts. For banks, the ...

Romanian banks’ profits drop in H1 2019 

Monday, August 26, 2019

The 34 banks operating in Romania have registered total profits of RON 2.75 billion (EUR 579 million) in the first half of this year, down 23.4 percent year-on-year, as declining rates at government bonds and future economic corrections increase the risk of major challenges for the local financial sector. The total bank assets in Romania increased by 5.6 percent year-on-year in June, up to RON 458.8 billion (EUR 96.6 billion), equal to around 45 ...

Private Equity Fundraising for CEE hit the highest annual level in a decade in 2018, Romania -12% of the total investment level

Monday, August 26, 2019

Private equity fundraising for Central and Eastern Europe (CEE) hit the highest annual level in a decade in 2018 with EUR 1.8 billion, according to new data from Invest Europe. Buyout funds in CEE raised EUR 1.1 billion, while the region’s venture capital funds attracted over EUR 500 million for the second year in a row, reveals Invest Europe’s 2018 Central and Eastern Europe Private Equity Statistics report, released ...

Visa launches pilot project in Romania

Monday, August 26, 2019

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Romanian Visa cardholders will be the first in Europe to benefit from a new solution piloted by Visa for financial institutions and merchants, which allows their customers to pay their purchases in installments, in stores or online, with a Visa credit card. The Visa installment payment service in Romania is part of a broader global pilot project also offering a set of installment APIs, which is due for commercial roll-out in 2020. Eligible Visa ...

Venture capital to maintain growth drive in 2019

Monday, August 26, 2019

Almost USD 2.5 trillion worth of unspent cash, known as dry powder among private equity (PE) funds, is awaiting promising companies across the world. In Romania, the venture capital (VC) market was dynamic in the first half of the year, and players have suggested that this trend will continue through to the end of 2019. In the first half of 2019, the most significant deal that impacted the Romanian market was the USD 568 million funding that UiPath, ...

BR ANALYSIS. Romanian savers faced with little option aside from losing money at the bank 

Monday, August 26, 2019

Romanians who prefer to keep their savings in bank accounts are losing money in real terms, but there are few other choices available due to the lack of safe investment opportunities on the market.  Generally, people who prefer to keep their money in banks are rather conservative, with a high degree of risk aversion.  In normal conditions, banks attract people’s money by offering ...

BNR: Balance of payments and external debt – June 2019

Monday, August 19, 2019

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According to BNR ( Central Bank) data, in January - June 2019p, the balance-of-payments current account posted a deficit of EUR 5,135 million, compared with EUR 3,717 million in January - June 2018. The deficit on trade in goods widened by EUR 1,486 million, the surplus on services income increased by EUR 104 million, the deficit of the primary income balance narrowed by EUR 204 million, and the surplus of the secondary income balance decreased by EUR 240 ...

Patria Bank got on profit after the first six months: net result: 2.8 million lei

Monday, August 19, 2019

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Patria Bank had a net profit of 2.8 million lei in Q1 2019 against a loss of 23.3 milliion lei in the first six months of last year according to a press release of the bank.The bank gave new loans of almost 342 millin lei with a superior dynamics for companies loans (SME loans, micro-loans and agro). The gross balance of commercial loans had a growth of 80.6 million lei against the end of 2018.Operational costs dropped  by approximately 8% against ...

SIF Oltenia closes H1 with net profit of 114.28 ml lei, up 62.4 pct YoY

Monday, August 19, 2019

Financial investment company SIF Oltenia closed H1 with a net profit of over 114.28 million lei, up 62.4 percent from the same period of 2018, shows a company report sent to the Bucharest Stock Exchange.According to the document, as of June 30, 2019 SIF Oltenia's total revenues stood at 126.759 million lei, 158.97 percent higher YoY. The company's main revenue categories are: gross income from dividends - 119.513 million lei, interest income - 316,570 lei, other ...

Banca Transilvania posts 28 pct higher H1 net profit

Monday, August 19, 2019

Banca Transilvania (BT) reported a mid-year consolidated net profit of 848 million lei, up 28 percent YoY, while the net profit of BT Financial Group was 942.36 million lei, up from 864.6 million lei one year ago, show the bank's financial results released on Wednesday by the Bucharest Stock Exchange (BVB).According to the financial statement, the assets of BT Group amounted to 81.6 billion lei as of June 30, while the operational efficiency stays at 45.87 ...

Romanians from abroad will send fee-free money home via CEC bank

Monday, August 19, 2019

 The CEC bank is working on a product to be launched probably in September through which money from abroad could be sent home free of any fee, on Friday said the Public Finance Minister Eugen Teodorovici, at a meeting with Romanians working abroad."The Romanians send money home, that's great. They mostly pay commissions for this. The CEC and us, from the state, as owner of this bank, will open branches in the countries with large Romanian communities, will ...

ING Bank Romania’s net profit reached RON 385 million in the first half of 2019

Monday, August 19, 2019

ING Bank Romania achieved a net profit of RON 385 million in the first half of 2019, up 12 percent compared to the same period of last year. The gross profit reached RON 451 million in the first half of 2019, 16 percent more than the same period last year, in the context of strong and continuous commercial growth. Revenues increased by 15 percent to RON 1 billion, as a result of increased volumes and a positive evolution of ...

BR ANALYSIS. Big banks gobble up minnows in troubled waters

Monday, August 19, 2019

During the last couple of years, the Romanian banking sector has undergone a fast consolidation process, with unprecedented mergers and acquisitions. Smaller banks and Greek subsidiaries were the main subject of takeovers as their businesses on the local market came under increasing pressure, with credit demand remaining weak and limited options for placing money. The biggest winner of the consolidation process among local lenders was Banca ...

OTP Bank Romania announces the financial results for the first half of 2019

Monday, August 19, 2019

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OTP Group announces the financial results for the first half of 2019. According to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group’s reporting standards, OTP Bank Romania recorded a consolidated after-tax profit of RON 53,6 million (HUF 3,6 billion), with 164% higher than the base period. The FX-adjusted performing loan volumes increased with 17% year-on-year, supported by robust ...

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