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Financial & Banking

BNR: International reserves – February 2022

Monday, March 7, 2022

On 28 February 2022, the National Bank of Romania’s (BNR) foreign exchange reserves stood at EUR 41,877 million, compared to EUR 43,106 million on 31 January 2022.   During the month, the following flows were recorded: EUR 3,228 million worth of inflows representing: changes in credit institutions’ foreign currency-denominated ...

Fondul Proprietatea sees 2021 net profit of 5 bln-plus RON

Monday, March 7, 2022

 Fondul Proprietatea's audited net profit for the financial year ending December 31, 2021 was 5.012 billion RON, primarily due to the unrealized gain related to the 4.591 billion RON worth of equity investments at fair value through profit and loss generated by OMV Petrom as a result of the positive evolution of the company's share price in 2021 (increase of 537.1 million RON, 37.3 pct share price increase), as well as to the increase in the value of unlisted ...

EximBank, Banca Romaneasca kick off merger preparations

Monday, March 7, 2022

EximBank and Banca Romaneasca (BROM) are kicking off the merger by absorption process after, on Monday, the General Assembly of BROM Shareholders expressed its agreement in principle for this operation and empowered the administrators of the Banca Romaneasca to draw up the merger project, according to a ...

Romania takes steps to pull out of IIB

Monday, March 7, 2022

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Romania will start the procedures to withdraw from the International Investment Bank (IIB), the Romanian Government announced.   The Czech Republic earlier called on EU states that are members of the IIB and the International Bank for Economic Co-operation (IBEC) to withdraw from the organizations. Romanian Liberal leader Florin Citu argued for the country to pull out of IBEC as ...

OTP Bank Romania, profit after tax totaling 58 million RON, in 2021

Monday, March 7, 2022

  OTP Bank Romania has recorded a profit after tax of 58 million RON, throughout 2021, over double the result reported in the previous year, according to a release of the bank.The operational profit in 2021 has reached 123 million RON, in a descending trend over the previous year, especially due to the increase of operational expenses by 18%. The largest part of these costs comes from the bank's development strategy, launched in 2019, supported by ...

Zdenek Romanek officially takes over his mandate as President and CEO of Raiffeisen Bank

Monday, March 7, 2022

Zdenek Romanek has been authorized by the National Bank of Romania and officially takes over his mandate as President and CEO of Raiffeisen Bank. In November 2021, following an international selection process, the Austrian group Raiffeisen Bank International (RBI) appointed the Czech Zdenek Romanek as CEO of Raiffeisen Bank Romania. Romanek joined the Raiffeisen Bank team on February 1st, 2022 and takes office today, after The National Bank of ...

Consumer watchdog finally wins unfair business practices lawsuit against Raiffeisen Bank SA

Monday, March 7, 2022

 The National Consumer Protection Authority (ANPC) announced on Wednesday having definitively won the unfair business practices lawsuit against Raiffeisen Bank SA, and that the financial institution will consequently have to revise its interest rates for certain loan agreements.According to an ANPC release, the High Court of Cassation and Justice issued a final ruling in the case in which Raiffeisen Bank SA was found to have resorted to unfair ...

Raiffeisen Bank Romania posts 22% higher profit in 2021

Monday, March 7, 2022

Raiffeisen Bank, one of the top lenders on the Romanian market, reported a net profit of RON 788 million (EUR 160 mln) in 2021, 22% higher than the previous year. The growth was mainly determined by the strong increase in lending and improved risk profile for the bank's customers.   "Undoubtedly, the increase in our profit was directly influenced by the bank's involvement in supporting the Romanian ...

Govt. adopted new edition of its guarantees program for mortgage loans

Monday, March 7, 2022

Romania’s Government adopted on Wednesday, March 2, the changes to its “New Home” (formerly First Home) program, which offers state guarantees for mortgage loans taken by individuals.   The main change introduced this year is that the beneficiaries are obliged to get an insurance policy against all risks for the whole duration of the loans.   The state ...

Minutes of the monetary policy meeting of the National Bank of Romania Board on 9 February 2022

Monday, February 28, 2022

21 February 2022   The National Bank of Romania Board members present at the meeting: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the ...

Mugur Isarescu, NBR Governor: Opening speech at the EIB webinar Investment and Investment Finance in Romania

Monday, February 28, 2022

  Vice President Thomsen, Distinguished audience, Ladies and gentlemen,   Welcome to this year’s webinar organized by the European Investment Bank in partnership with the National Bank of Romania, titled „Policy support and the emerging “new normal”: How ...

EIB survey shows recovery underway following economic shock in Romania – (EIBIS) presented in an online event co-organised by NBR and EIB

Monday, February 28, 2022

Results of the annual EIB Investment Survey presented at joint National Bank of Romania (NBR) and European Investment Bank (EIB) policy response conference:   Covid-19 has been a massive economic shock but countered with an impressive policy response. The Romanian economy showed resilience and recovery is under way. The policy ...

BNR: Monetary indicators – January 2022

Monday, February 28, 2022

At end-January 2022, broad money (M3) amounted to RON 568,087.5 million, up 0.6 percent (down 0.8 percent in real terms ) month on month and 15.9 percent (6.9 percent in real terms) year on year the Romanian Central Bank (BNR) ...

BT Financial Group closes 2021 with net consolidated profit of 2.045 billion RON

Monday, February 28, 2022

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The Banca Transilvania Financial Group has closed last year with a consolidated net profit of 2.045 billion RON, of which the bank's stands at 1.782 billion RON, according to a release of the bank."In 2021, despite an unpredictable climate, we, at BT, have maintained our optimism and firm commitment to contribute to the relaunch of the Romanian economy, and today we are glad the figures confirm expectations. It was a year in which we financed ...

Investment fund industry reaches 52 billion RON in assets

Monday, February 28, 2022

The investment fund industry administers presently assets worth approximately 52 billion RON, said, on Wednesday, the President of the Association of Fund Administrators of Romania (AAF), Horia Gusta, in a debate about the evolution of investment funds in the past year.The event organized by the Bucharest Stock Exchange (BVB) was attended by the representatives of the investment funds with the top five yields last year - Patria Asset Management, BRD Asset ...

Transport organisation accuses financial watchdog vice-president of increasing by 36 pct RCA reference fees

Monday, February 28, 2022

The Confederation of Licensed Romanian Operators and Hauliers (COTAR) will file a criminal complaint against financial watchdog vice-president Cristian Rosu for having presented to the Finance Ministry, as part of the draft government decision on the capping of the mandatory motor vehicle liability insurance (RCA), a list of reference fees by 36 percent higher than those published by the market supervisory authority on February 21."Financial Supervisory Authority ...

BRD – Groupe Société Générale becomes ARIR member

Monday, February 28, 2022

The Romanian Investor Relations Association (ARIR) announced a new Associate Member – BRD – Groupe Société ...

UniCredit group reports 81% higher earnings in Romania

Monday, February 28, 2022

The Italian group UniCredit reported for 2021 a net profit of EUR 170 mln from its operations in Romania, increasing by about 81% compared to the consolidated earnings in 2020, according to the financial results announced in Milan, quoted ...

Raiffeisen Bank Romania reports 31.8% higher earnings in 2021

Monday, February 28, 2022

Austrian group Raiffeisen Bank International reported a net profit of EUR 173 mln for its operations in Romania last year, up 31.8% from 2020, according to preliminary figures subject to final evaluation by Raiffeisen's supervisory board. The final financial results for 2021 will be announced in March.   Raiffeisen Bank Romania, a top 5 player, is one of the local ...

CEC Bank will issue bonds to meet regulatory requirements

Monday, February 28, 2022

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  CEC Bank, the largest credit institution controlled by the Romanian state through the Ministry of Finance, is preparing to list at the Bucharest Stock Exchange a bond issue as part of a program of regulatory requirements, according to statements made by Bogdan Neac?u, the executive president of the bank.   The bank expects to get a rating from an international agency by the end of ...

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