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Financial & Banking

Iohannis: Romania wants to join Eurozone, but won’t be able do so anytime soon

Monday, October 22, 2018

President Klaus Iohannis said on Thursday during a meeting of the European Council that Romania’s accession to the Eurozone will not happen anytime soon, because “things are moving slowly” internally. “We must differentiate between the concrete results we have now and the things we’re still waiting for. We’re not in a period when entry into the Eurozone looks imminent. It won’t be done soon because things move ...

Banca Transilvania to complete Bancpost’s integration at end-2018

Monday, October 22, 2018

Banca Transilvania, Romania’s biggest bank, said on Tuesday that the merger with Bancpost, acquired this year from Greece’s Eurobank, will be completed at the end of 2018, http://business-review.eu informs. “I thank the shareholders for the trust granted by approving the merger. Based on the Banca Transilvania – Bancpost synergies and seeing the results so far, we are confident that we ...

Compulsory private pensions assets hits EUR 9.99 billion at end-September, up 5.5 pct q/q

Monday, October 22, 2018

Romania’s mandatory private pensions (or Pillar II) funds had assets of EUR 9.99 billion under administration at the end of September, up by 5.5 percent compared with June, and 90 percent of the amount is invested in the country, according to Romania’s private pensions funds association (APAPR). More than 60 percent of total amount is invested in government securities, while 18.5 percent is placed in shares and ...

Former NN Pensii head Raluca Tintoiu wins in court against ASF

Monday, October 22, 2018

Raluca Tintoiu, the former head of NN Pensii, the company that received the biggest ever fine issued by Romania’s Financial Supervisory Authority (ASF), won first battle in court against the authority, http://business-review.eu reads. The sentence could be appealed. A local court in Bucharest  (Bucharest Court of Appeal) decided to remove all sanctions decided by ASF and the authority is forced to pay ...

CEC lends 34 mln euro to Bucharest's Veranda mall

Monday, October 22, 2018

Romanian state-owned savings bank CEC said on Wednesday it is lending 34 million euro ($39.3 million) to Bucharest-based Veranda Shopping Centre. The mall will use the proceeds of the loan to finance expansion and upgrades, CEC said in a press release. The financing was granted as an investment credit for a period of 15 years. "In line with its strategy, CEC Bank continues to support Romanian projects ...

World Bank: Entire social protection system in Romania should be reconsidered, including flat tax

Monday, October 22, 2018

The Government should reconsider the entire social protection system in Romania as the young people do not find any form of protection in the current mechanism and the authorities should take into account giving up on the flat tax in favour of progressive taxation, Hans Timmer, Chief Economist for the Europe and Central Asia region of the World Bank Friday told a press conference taking place in Bucharest."The reason politicians lose votes in the young population ...

New insurance company enters Romanian market

Monday, October 22, 2018

Watford Insurance Company Europe, which is part of international insurance group Watford Re, officially announced its entry on the Romanian market. Watford group, which is registered in Bermuda and controlled by American investors, had a capitalization of USD 1.2 billion at December 31, 2017. “We have decided to expand the activity of Watford Insurance to Romania following a careful assessment of the business environment ...

Net assets of local and foreign investment funds down 4.9 pct year-to-date

Monday, October 22, 2018

The net assets of the 206 local and foreign open- and closed-end investment funds increased 0.7 percent in September to 43.5 bln lei (9.32 bln euro), but were 4.9 pct down since the beginning of the year, the Fund Managers Association (AAF) announced in a release on Tuesday.Net outflows this September totaled 157 million lei (33.7 million euro). The net assets of the 78 local open-end funds were 0.5 pct down in September from the month before to 20.3 billion lei ...

Romanian lender Banca Transilvania implements UiPath and Druid technologies to help employees

Monday, October 22, 2018

Banca Transilvania, the biggest lender in Romania, has signed a partnership with technology companies UiPath and Druid to integrate their automation and artificial intelligence solutions in its internal processes. UiPath, founded by Romanians Daniel Dines and Marius Tirca, has grown into the biggest Robotic Processing Automation (RPA) company in the world, while Druid, a start-up launched by Romanian investor Dan Liviu Dragan, provides enterprise chat ...

CEC loans can be accesed as of Monday in "Invest in yourself" programme

Monday, October 15, 2018

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The CEC loans within the "Invest in yourself" programme can be accessed as of Monday, Prime Minister Viorica Dancila announced on Thursday at Victoria Palace."Another project that has reached maturity is "Invest in yourself." All the necessary documents will be signed today to actually kick off this programme meant for Romanians who need financing for better professional development. This programme primarily targets young people, aged 16 to 26 years, who can ...

BVB closed on the red on Thursday, following the fall of the US and Asian markets

Monday, October 15, 2018

BET (Bucharest Exchange Trading), the main index of the Bucharest Stock Exchange (BVB), which reflects the evolution of the most traded companies on the BVB regulated market, excluding financial investment companies (SIFs), decreased by 1.01%  on Thursday against Wednesday, down to 8,401.96. The BET-TR (Bucharest Exchange Trading Total Return Index), which reflects both the evolution of the prices of the component companies and the dividends ...

Electrogrup Infrastructure announces intent to list shares on BVB

Monday, October 15, 2018

Electrogrup Infrastructure (E-INFRA), the group set up by the brothers Teofil and Simion Muresan together with Marian Pantazescu, announced the intention to list the titles on the Bucharest Stock Exchange, http://business-review.eu reports. Electrogrup reached in 2017 consolidated revenues RON 473.6 million, a consolidated operating profit before depreciation and amortization of RON 93.2 million and over 600 ...

Andreea Stanescu to head London Stock Exchange Group’s Romanian operations as GM

Monday, October 15, 2018

London Stock Exchange Group (LSEG)’s Bucharest operation centre has appointed Andreea Stanescu as its general manager. LSEG, the administrator of the Stock Exchange in London, announced in April it was setting up a technology and operations hub in the Romanian capital. She will oversee the operations of its technology and operations hub, which will provide services to the group and to its clients across the world. She will be reporting ...

FinMin: Minimum wage might increase before January 1, 2019. Budgetary impact of the Pensions Law – RON 80bn in four years

Monday, October 15, 2018

Finance Minister Eugen Teodorovici told TVR public broadcaster on Tuesday evening that the minimum wage might be increased before January 1, 2019 up to RON 2,050. “There are chances. This analysis is under way at the Finance Ministry,” Teodorovici said when asked if the minimum wage might be increased before early next year as it is currently scheduled However, the minister could not provide any ...

Vienna Insurance Group brings new head for Romanian operations

Monday, October 15, 2018

Vienna Insurance Group, the biggest player in the Romanian insurance sector, is expected to change the coordinator of its businesses in Romania this month, romania-insider.com informs. Franz Fuchs, a former VIG representative in Romania, will return to replace Judit Havasi as president of the board of the three companies VIG owns on the local market, Omniasig, Asirom and BCR Asigurari de ...

BNR sees growing tensions on local labor market

Monday, October 15, 2018

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Romania’s National Bank (BNR) board members observed that the statistical data indicated a renewed labor market tightening in the second quarter of this year, according to the minutes of the monetary policy meeting on October 3. As the unemployment rate reached a new historical low of 4.2% in May and the number of employees economy-wide continued to reach new highs, the board members concluded that pressures on wages would be further on the rise ...

Analysis: Romania considered riskier than Greece by investors on growing financing needs

Monday, October 15, 2018

Romania’s government, companies and citizens pay at this moment by far the highest interest rates among the 28 European Union member states, even higher than Greece, on growing financing needs to cover ballooning public spending, and the situation could worsen at the end of the year due to high public deficit, http://business-review.eu/ reads. This year, Romania’s sovereign 10-year bonds yield, a ...

Romania could become second EU member state to apply the generalized reverse charge mechanism

Monday, October 15, 2018

ECOFIN (Economic and Financial Affairs Council of the European Union) has recently decided that EU Member States “most affected by VAT fraud” will be able to apply, by 30 June 2022, the generalized reverse charge mechanism for local operations (transferring the liability to pay VAT from suppliers to clients). PwC Romania believes Romania could become the second EU member state, after the Czech Republic, to opt for this measure, which is applied under very ...

În Romania, Banking system maintains focus on development

Monday, October 15, 2018

Romania’s banking sector went through a wave of privatizations in the late ‘90s. This opened the market to large international financial players that in the past two decades have remained committed to the country despite the crisis that ravaged a large share of the global economy starting 2008.  The size of the banking sector compared to Romania’s GDP was the lowest among all EU member states in 2017. The share ...

BNR Board decisions on monetary policy

Monday, October 8, 2018

In its meeting of 3 October 2018, the Board of the National Bank of Romania (BNR) decided: 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 ...

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