Loading page...

Romanian Business News - ACTMedia :: Services|About us|Contact|RSS RSS

Subscribe|Login

Financial & Banking

Radu Ghetea joins Libra Internet Bank’s Board of Directors

Monday, August 19, 2019

Radu Ghetea, the former president of CEC Bank, will join Libra Internet Bank as a member of the Board of Directors, according to a statement by the bank.  ”I believe that my experience in various institutions in the financial-banking environment together with the successful entrepreneurial spirit of Libra Internet Bank can contribute decisively to the rapid and safe evolution of the bank, both in traditional areas where it is specialized as ...

BNR Board decisions on monetary policy

Monday, August 12, 2019

In its meeting of 5 August 2019, the Board of the National Bank of Romania (BNR) decided the following: to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign ...

Fiscal Council slams government’s budget revision plans, says deficit is likely to exceed 3 pct of GDP target this year

Monday, August 12, 2019

  The Fiscal Council, led by Daniel Daianu, issued an opinion on Thursday regarding the Romanian government’s budget revision project and the semestrial report on the fiscal and budgetary status. The main takeaway of the document released by the Fiscal Council is that its members are confident that the budget ...

Planned pension hikes increase risk of Romania getting its rating downgraded to junk status

Monday, August 12, 2019

The planned pension hikes threaten the fiscal stability in Romania and increase the risk of a rating downgrade of the country to junk status, according to CEE 3Q 2019 report released by UniCredit Bank. “While the government may avoid controversial measures, economic populism could threaten fiscal stability and the country’s investment grade. Planned pension increases of 15 percent in September 2019 and 40 percent in September 2020 could push the budget deficit above 4 ...

Raiffeisen Bank ends H1 with net profit on decrease to 384 mln lei

Monday, August 12, 2019

190812090049136246.jpg

Raiffeisen Bank ended the first half of this year with a net profit on the decrease to 384 million lei, from 423 million lei in the first half of 2018, and the total assets of Raiffeisen Bank rose in the first half of this year to 40 billion lei, up 5pct year on year, according to a statement from the bank.The lending activity continued to grow, and the balance of the net loans granted to the clients of the bank reached 26.22 billion lei, an increase of 11pct, compared to the ...

Update regarding the Board of Nominees of Fondul Proprietatea S.A. 

Monday, August 12, 2019

Franklin Templeton International Services S.À R.L., in its capacity as alternative  investment fund manager and sole director (the “Fund Manager”) of Fondul Proprietatea S.A. (the “Fund”), hereby, informs the investors that Mr. Sorin Mindrutescu, who has served as a member of the Fund’s Board of Nominees (the “Board”) since September 2010 and as its Chairman since April 2012, decided to step down with immediate effect from the positions ...

SIF Moldova closes H1 with net profit of 102.63 ml lei

Monday, August 12, 2019

Financial investment company SIF Moldova (SIF 2) ended H1 with a net profit of 102.63 million lei, almost double the 53.66 million lei posted in the similar period of 2018, according to financial data sent on Tuesday to the Bucharest Stock Exchange.Compared with estimates in the income and expenditure budget of 48.81 million lei, the net profit is 110 percent higher.Revenues totaled 134.058 million lei (103.294 million lei provided for in the IEB), and expenses 21.88 ...

Deloitte Survey: Central European Private Equity Market focuses more on portfolio management, keeps its consistent growth in Romania  

Monday, August 12, 2019

Many Central European private equity (PE) firms shift in favour of portfolio management amid the uncertainty surrounding the future, with 32% of deal doers expecting to focus mostly on this, the highest level since 2015, according to the latest Deloitte Central Europe ...

CEC Bank rises interest rates for deposits following the market trend

Monday, August 12, 2019

CEC Bank, a Romanian state-owned bank, has increased interest rates for RON fixed-term deposits for both retail clients and companies. The interest rate for deposits for individuals ...

Experts: budget deficit to exceed 4 pct of GDP without additional fiscal measures

Monday, August 5, 2019

Romania’s budget deficit will exceed 4 percent of GDP this year without additional fiscal measures, independent experts estimate. After the first six months of the ...

Government plans new or higher taxes, cuts spending to limit worrying fiscal gap

Monday, August 5, 2019

190805102320illustration_depicting_roadsign_spending_cuts_450w_114396013.jpg

Romanian government is planning to introduce new taxes for sugary soft drinks and big pensions, raise taxes for cigarettes and cut spending by reducing bonuses and staff in the public administration, according to a draft emergency decree released by the Finance Ministry. The plan was put together by the government due to the fact that it is running out of resources to cover soaring spending on wages and ...

The mid-year budget deficit rises to 1.94 pct of GDP on high public wages, pensions

Monday, August 5, 2019

The budget deficit increased to RON 19.96 billion or 1.94 percent of the gross domestic product in the first six months of 2019, according to data from the Finance Ministry, which represents a 38.5 percent rise compared to the deficit of 1.4 percent of GDP recorded in the previous month. Compared to H1 2018, when the fiscal gap totaled RON 14.97 billion, the public deficit rose by 33.4 percent. The government estimates a deficit ...

Garanti Group Romania registered a net profit of RON 98 Million in H1

Monday, August 5, 2019

Garanti Group Romania, which brings together Garanti Bank, Garanti Leasing and Garanti Consumer Finance, registered, in the first six months of 2019, its best performing semester in Romania, thanks to effective loan portfolio management and operational efficiency. Between January and June, Garanti Group Romania registered a consolidated net profit of RON 98 million, approximately 25% higher than in the same period last year, while the total ...

BCR reports H1 loss of 20.8 ml lei due to provision for BpL

Monday, August 5, 2019

BCR reported a net loss of 20.8 million lei (4.4 million euro) in H1 2019 as a result of the exceptional provision set aside in connection with the activity of the 'BCR Banca pentru Locuinte' housing bank, the lender said in a Wednesday release.Romania's High Court ruled in June this year that the BCR housing bank did not comply with the law requirements regarding the payment of state premiums for the clients of the home savings and loan plan (bauspar). BCR owner ...

BNR: International reserves – July 2019

Monday, August 5, 2019

On 31 July 2019, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,473 million, compared to EUR 32,569 million on 30 June 2019, a press release informs. During the month, the following flows were recorded: EUR 3,633 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s ...

National Guarantee Fund for SMEs cuts guarantee fee to 1.95 percent

Monday, August 5, 2019

Romanian National Guarantee Fund for SMEs (FNGCIMM) cut the guarantee fee charged to the beneficiaries of the Start-up Nation Program starting from July 25, up to 1.95 percent of the loan amount, according to a press release. “The National Loan Guarantee Fund for SMEs (FNGCIMM) is one of the main partners of the Start-Up Nation Government Program, providing also in the second edition of the program a dedicated guarantee product for bridge loans ...

ASF: Romanian capital market needs “fresh blood”

Monday, August 5, 2019

Leonardo Badea, the president of the Financial Supervisory Authority (ASF), told Business Review that the local capital market overcame the turbulence registered at the end of last year and registered during the first half of this year a robust growth rate sustained mainly by the higher dividends and improved financial results.  However, Badea points out that the local capital market needs “fresh blood” under the form of new IPOs ...

BVB: Stock market grew in first half of year

Monday, July 29, 2019

190729090718uprasing_arrows_world_map_front_450w_1350311837.jpg

BET index, which includes the most transactioned 16 companies, grew by 20% in the first 6 months of the year, the second largest increase rate in EU, a press release of Bucharest Stock Exchange shows. The index which also includes dividends granted by companies from BET, BET-TR exceeded for the first time the threshold of 14,000 points  and has grown by 30% since the beginning of the year. “The local stock market has ...

OTP Group has completed the acquisition of the Societe Generale subsidiary in Moldova

Monday, July 29, 2019

OTP Bank has announced that on 25 July 2019 the financial closure of the Moldavian transaction has been completed. As a result, OTP Bank has become 96.69% owner of Mobiasbanca – Groupe Societe Generale S.A. („MBSG”), the Moldavian subsidiary of Societe Generale Group. With a market share of 13.8%, MBSG is the 4th largest bank on the Moldavian banking market and as a universal bank it has been active in the ...

Romanians move their savings in hard currencies on lower confidence in RON

Monday, July 29, 2019

Romanians have steadily moved their savings from RON accounts into hard currency accounts since the beginning of this year, a trend that could be associated with lower confidence in the local currency following the steep depreciation registered in January, according to fresh central bank data. Bank deposits in RON have become less attractive during the last couple of years as a consequence of low – and real negative – interest rates, ...

Premium News

Daily

Monday, October 14, 2019

Financial & Banking

Monday, October 14, 2019

Economic

Tuesday, October 8, 2019

Companies

Wednesday, October 9, 2019

Energy & Environment

Thursday, October 10, 2019