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Financial & Banking

Press release on the NBR decision regarding the intention of OTP Bank to purchase Banca Romaneasca

Monday, March 19, 2018

The National Bank of Romania (NBR) announces that, pursuant to Government Emergency Ordinance No. 99/2006 on credit institutions and capital adequacy, approved with amendments and supplements by Law No. 227/2007, to NBR Regulation No. 6/2008 on the taking-up of business and the changes in the standing of credit institutions, Romanian legal entities, and branches in Romania of third-country credit institutions, as well as to NBR Regulation No. 11/2007 on the ...

BNR: Balance of payments and external debt – January 2018

Monday, March 19, 2018

In January 2018p, the balance-of-payments current account posted a surplus of EUR 216 million, compared with EUR 258 million in January 2017; the deficit on trade in goods widened by EUR 169 million, while the surplus on secondary income, that on primary income and that on services expanded by EUR 69 million, EUR 55 million and EUR 3 million ...

Reuters: Romanian Banca Transilvania gets approval to buy Greek Eurobank's Bancpost

Monday, March 19, 2018

Romanian lender Banca Transilvania ROTLV.BX said on Friday it has received regulatory approval from the country’s competition watchdog and the central bank to buy Greek Eurobank’s Romanian subsidiary Bancpost, Reuters correspondent reports. “Banca Transilvania estimates that the closing of the transaction regarding the acquisition of Bancpost will take place during the first half of April 2018,” it said in a statement.Greek ...

FinMin Teodorovici: Gov't adopts OGU on single tax form, thus mechanism changes fundamentally

Monday, March 19, 2018

 The Emergency Ordinance regarding the single tax form was adopted on Thursday by the Government, Public Finance Minister Eugen Teodorovici announced, adding that the bill "fundamentally changes" this payment mechanism of contributions."This emergency ordinance fundamentally changes this mechanism, namely we switch from a system with seven tax forms for individuals to one single tax form. In the first place, we change the aspects regarding the method of ...

EximBank structures one of the most complex support facilities for Romanian exports

Monday, March 19, 2018

EximBank has structured one of the largest and most complex support facilities for Romanian exports by insuring and arranging a syndicate financing that along with the facilities offered by European Bank for Reconstruction and Development (EBRD) and Black Sea Trade and Development Bank, allow the implementation of a vast Romanian export project – amounting at USD 88.2 million, in Greece. According to romaniajournal.ro, the export project belongs ...

Erste raises Romania 2018 growth fcast, sees two more rate hikes ahead

Monday, March 19, 2018

Erste Group analysts said they expect Romania's economy to grow by a real 4.7% in 2018 driven by household consumption, seenews.com reads. In its previous forecast made in December, Erste said Romania's economy would grow by a real 4.1% in 2018. "We have revised upwards our economic growth forecast to 4.7% in 2018, as global economic activity continues to strengthen and local investments are already performing better," Erste said in its latest ...

Investment funds' net assets drop to 26.2 bln lei this February

Monday, March 19, 2018

The net assets of the 187 domestic and foreign open-end and closed-end funds present in Romania dipped 1 percent this February to 26.2 billion lei (5.6 billion euro), posting a cumulative decrease of 0.5 percent after the first two months of the year, Romania's Fund Managers Association (AAF) said in a release.February's net outflows amounted to 208 million lei, or 44.7 million euro."The net assets of the 74 local open-end funds were 1 percent down in ...

Industry association cautions cap on loan interest rates likely to massively restrict access to lending

Monday, March 19, 2018

Arbitrarily imposing a blanket cap on interest rates for the entire lending market may have as an effect restricting the people's access to lending solutions for their basic personal needs, triggering negative consequences for the entire economy, Romania's Financial Companies Association (ALB) said in a release on Tuesday."Although this measure is intended to regulate the lending market to the benefit of Romanian consumers, setting a cap on the Effective Annual ...

Cristian Nacu – IFC Senior Country Officer for Romania and R. of Moldova

Monday, March 19, 2018

Cristian Nacu, the former owner of the Profi stores network, has taken over, from March 1, 2018 the position of Senior Country Officer for Romania and the Republic of Moldova of the International Finance Corporation (IFC), the World Bank’s investment division, romaniajournal.ro reads. He replaces Ana Maria Mihaiescu, who withdrew from office at the beginning of last year, after she reached the retirement age, capital.ro ...

Health insurance payment is mandatory for investment incomes, says secretary of state at MFP

Monday, March 19, 2018

Oana Iacob, secretary of state at the Ministry of Finance, says that on the income from investments, such as dividends, the payment of the healthcare insurance is mandatory, business-review.eu infrms. “From this perspective, if the income from investments exceed the annual threshold of RON 22,500, there will be the obligation of payment at the level of the minimum wage no matter the reported income,” said Iacob. The ...

Banking sector requests extension of deadline for debating draft law on capping interest rates

Monday, March 19, 2018

 The Romanian Banking Association (ARB) and the Romanian Bank Employers Council (CPBR) request Parliament to ensure a real and constructive dialogue in debating the draft laws regarding the capping of interest rates, the limitation of the recoverable amount of the debt assignment and the removal of the credit contracts' enforceable title character, a press release of the organisations informs.The representatives of the banking sector request the 60-day ...

BRD to pay highest dividends in bank’s history

Monday, March 19, 2018

BRD Groupe Societe general, the third-biggest lender in Romania, proposes a gross dividend per share of RON 1.64 from last year’s net profit, the highest in the bank’s history, romania-insider.com informs. The gross dividend represents 11.6% of the current share price, which is RON 14.14. BRD posted a net profit of RON 1.38 billion (EUR 302 million) in 2017, almost double ...

BCR invests EUR 50 mln in digitizing its units

Monday, March 19, 2018

BCR, the biggest lender in Romania, will invest EUR 50 million in the next two years in transforming some of its branches in cashless digital units, according to parent-group Erste quoted by romania-insider.com. “Integrating technology into the branch enables us to offer things that weren’t possible before – or do them more efficiently and in a customized manner. For example, since our advisors from Slovakia ...

WB Report: Europe Needs to Boost Skills and Unshackle Firms as Tech Revolution Risks Leaving Poorest Behind

Monday, March 12, 2018

The rise of technology risks leaving Europe’s poorest countries, lagging regions and unskilled workers behind, deepening economic divides within the EU, says a new World Bank report. According to "Growing United: Upgrading Europe’s Convergence ...

BNR: NPLs ratio dropped to 6.4 pc last year

Monday, March 12, 2018

The rate of non-performing loans (NPLs) fell by 0.91 percentage points in December 2017 compared to the previous month to 6.4 percent, according to the latest data from the National Bank of Romania (BNR) quoted by romaniajournal.ro. Compared to the similar month of 2016, the indicator fell by 3.22 percentage points. The number of individuals with arrears of over 30 days to banks and non-banking financial institutions ...

OTP Bank Romania's profit surges in 2017 on higher income, stable costs

Monday, March 12, 2018

Hungarian banking group OTP said on Thursday the consolidated adjusted after-tax profit of its Romanian unit surged 88% year-on-year in 2017, reaching 44.85 million lei ($11.9 million/9.62 million euro). OTP Bank Romania's operating profit rose by 12% on the year to 138 million lei in 2017, as a result of stable operating expenses and higher total income, while the net interest income did not change, the bank said in a press ...

BCR gets over a quarter of the funds for Romania’s First House program

Monday, March 12, 2018

BCR, the biggest lender in Romania by assets, will grant mortgage loans worth over RON 1 billion (EUR 215 million) through the state-backed First House program, romania-insider.com informs. The bank has received RON 511 million (EUR 110 million) of the RON 2 billion guarantee ceiling the Government has allotted for the program this year. The First House program allows local banks to ...

Over half of Romanians in urban areas have heard about cryptocurrencies

Monday, March 12, 2018

57 percent of urban Romanians have heard about cryptocurrencies, the most known being Bitcoin (54 percent), Bitcoin Cash (19 percent), Ethereum (11 percent), Litecoin (10 percent) and Ethereum Classic (7 percent), study shows. Also, 17 percent of Romanians in the urban area intend to buy crypto money in the next 12 months, while 30 percent believe that virtual coins represent the future of means of payment. ”Our study ...

Raiffeisen Bank Romania: The fiscal revolution is a crazy thing that nobody understood yet

Monday, March 12, 2018

The fiscal revolution is a crazy thing that nobody understood yet and we all are confused, but no one from the Government can explain why it has been done, said this Tuesday Ionut Dumitru, chef-economist Raiffeisen Bank Romania, within AHK meeting, according to Agerpres. Get practical insights and applied solutions to the latest fiscal & legal developments and find out how to make the most out ...

Analysis: Banks in Romania looking to expand digital agility mode

Monday, March 12, 2018

More than 20 years after the launch of the first credit card in Romania, the banking system has entered consolidation mode as it tries to keep up with the nimble tech companies that are harnessing innovation in the financial sector, business-review.eu informs. Lenders on the local market have continued to redesign their structure of physical branches as part of the digitalization process. While the number of employees in the ...

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