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Financial & Banking

The budget deficit rose by 50 pct in January-August

Monday, October 7, 2019

Romania’s budget deficit rose by 50.6 percent in January-August compared with the first eight months of last year, to RON 21.9 billion (EUR 4.6 billion), as the government has major difficulties to cover soaring wage and subsidies spending. In January-August 2018, the budget deficit amounted RON 14.6 billion. Official data show that budget revenues rose by 11.9 percent year-on-year in January-August up to RON 204.1 billion (EUR 43 billion) while expenses increased by ...

BNR: International reserves – September 2019

Monday, October 7, 2019

On 30 September 2019, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,423 million, compared to EUR 35,619 million on 31 August 2019. During the month, the following flows were recorded: EUR 1,018 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, and other; EUR 1,214 million worth ...

UniCredit Bank Romania appoints Antoaneta Curteanu as Vice-President of Directorate starting November 1st

Monday, October 7, 2019

The Supervisory Board of UniCredit Bank Romania approved the appointment of Antoanete Curteanu, starting November 1, 2019, as Vice-President of the Board of Directors of the bank and coordinator of the Retail Division. Antoaneta Curteanu will begin to exercise her responsibilities after receiving the prior approval from the National Bank of Romania. Currently Coordinator of the CIB and Private Banking Division and a member of the UniCredit Bulbank Directorate, Antoaneta ...

Leader Team Broker and CFC launch insurance policy for tech companies covering cyber risks including GDPR

Monday, October 7, 2019

Leader Team Broker has partnered with CFC, a London-based specialist insurance provider and pioneer in emerging risk, to deliver a comprehensive insurance proposition for Romanian technology companies, which includes cutting-edge cover for cyber risks such as GDPR.   “Emerging risks make Romanian companies vulnerable, so we’ve partnered with CFC to offer their robust yet very affordable insurance product to help the local tech business environment cope with any ...

BT Financial Group acquires Certinvest Pensii, expands business to privately managed pension funds

Monday, October 7, 2019

Banca Transilvania Financial Group is expanding its financial services for its more than 3 million clients through an investment in the area of privately managed pension funds, as BT Asset Management S.A.I. (BTAM) and BT Investments fully acquired optional pension funds management company Certinvest Pensii, BT announced on Friday.Certinvest Pensii, Romania's only local pension fund management companies, manages over 75 million lei (rd 15.7 million euros, ed. n.) in an optional ...

BVB CEO Tanase: Capital market wants to see stories of growth, transparency for investors

Monday, October 7, 2019

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Our capital market is small by certain standards, but we want to eliminate the ignorance of entrepreneurs and see stories of growth and transparency for the investors, CEO of the Bucharest Stock Exchange (BVB) Adrian Tanase told a conference dedicated to entrepreneurs called "Made in Romania.""We are trying with this project - 'Made in Romania' - to make a bigger capital market. Our capital market is small by certain standards and it represents 10 percent of the GDP, whereas the ...

First insurance policy for companies in IT&C sector enters Romanian market

Monday, October 7, 2019

The first insurance policy for the IT&C sector, which covers the risks of a cyber attack, including fines for non-compliance with the GDPR (General Data Protection Regulation), was launched in Romania following a collaboration between Leader Team Broker and the British insurer CFC Underwriting."Romanian companies are vulnerable to new risks. Through our partnership with CFC, we have created a complex and highly accessible product that supports IT&C companies to financial ...

BVB upgraded from frontier to emerging market status

Monday, September 30, 2019

The Bucharest Stock Exchange (BVB) has been reclassified from Frontier to Secondary Emerging market by FTSE Russell, three years after being added to the watch list. “Following the September 2019 annual review, FTSE Russell confirms that: Romania, currently a Frontier market, to be reclassified as a Secondary Emerging market, effective from September 2020,” said FTSE Russell, a subsidiary of London Stock Exchange Group ...

BVB goes up as investors waitting for upgrade decision

Monday, September 30, 2019

The Bucharest Stock Exchange (BVB) recorded significant growth during the first eight months of this year when all its indices rose by double-digit rates and the total trading value on the equity segment reached EUR 1.46 billion. BET-TR, the blue-chip index that also measures the gains from dividends besides the capital gain, soared by 36% in the first eight ...

AmCham: Romania's upgrade to emerging market status confirms growth of local capital market

Monday, September 30, 2019

Romania's upgrade to the emerging market status, after a three-year monitoring period sends a positive signal to investors and confirms the growth of the local capital market that AmCham Romania actively contributed to as part of the joint efforts to increase the quality of relevant infrastructure and legislative framework, reads a press statement released by AmCham on Friday welcoming Romania's upgrade to emerging market status by FTSE Russell, the global index ...

Romgaz, Banca Transilvania and BRD meet the eligibility criteria FTSE Global All Cap Index

Monday, September 30, 2019

The global supplier of indicators FTSE Russell announced on Thursday that the shares of the Romanian companies Romgaz, Banca Transilvania and BRD-Groupe Societe Generale meet the eligibility criteria FTSE Global All Cap Index on 28 June 2018, says the press release.In parallel, FTSE Russell showed that the capital market of Romania will be classified from  the statute of Border market to that of Secondary Emerging market starting with September ...

Deposits of non-government resident customers up 1.1pct in August

Monday, September 30, 2019

Deposits of non-government resident customers went up in August 2019 by 1.1pct against July 2019, up to RON 341,693.3 million and by 8.7pct (4.6pct in real terms) vs August 2018, the National Bank of Romania (BNR) informs in a release.The RON-denominated household deposits decreased by RON 12.7 million to RON 124,557.2 million month on month and moved up 8.8 percent (4.7 percent in real terms) year on year. The RON-denominated deposits of other ...

Balance of non-government loans, up 0.8 pct in August

Monday, September 30, 2019

The balance of non-government loans granted by credit institutions increased in August 2019 by 0.8 percent (0.7 percent in real terms) compared to July 2019, to the level of 264.638 billion lei , according to a press release issued by the National Bank of Romania sent on last Tuesday.RON-denominated loans increased by 1 percent (0.9 percent in real terms), and whereas foreign currency-denominated loans increased by 0.3 percent when expressed in RON and by 0.4 ...

ASF fines two insurers for late compensation payments

Monday, September 30, 2019

Romania’s financial supervisory authority (ASF) fined local insurers City Insurance and Euroins with RON 50,000 (EUR 11,000) each for delaying the damage assessment in car accidents, which also led to delays in compensation payments to the injured parties. The two insurers control some 70% of the market of third-party car liability insurance (RCA). At the end of August, AutoCar, a local group consisting of three companies ...

ASF proposes amendments to secondary legislation to facilitate online investments

Monday, September 30, 2019

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In its meeting on Tuesday, the Financial Supervisory Authority (ASF) Council approved and published on the Authority website for 20-day public consultation, a project that facilitates online investments. ASF President Leonardo Badea said: “The Financial Supervisory Authority has understood the need for financial markets to be in step with technological development. Therefore, we decided to amend certain legal provisions so as to facilitate online ...

BNR launches FinTech Innovation Hub project

Monday, September 30, 2019

The National Bank of Romania (BNR) announces the launch of the FinTech Innovation Hub project, a platform dedicated to dialogue with companies that develop innovative solutions of general public interest in the field of payment and financial services (FinTech), according to a release from the institution.The BNR specifies that this approach aims both to support the market development in the field of payment and financial services, as well as to align with the ...

Romanians borrow in RON but keep savings in hard currencies

Monday, September 30, 2019

Romanians speed up borrowing in local currency but move their savings into hard currency accounts, a prudent strategy that could be associated with lower confidence in the RON and worries regarding the economic situation. Bank deposits in RON have become less attractive during the last couple of years as a consequence of low – and real negative – interest rates, currency depreciation and high inflation rate. However, ...

Letter of Understanding with IBRD on down payment destined to Justice District submitted to Parliament for ratification

Monday, September 23, 2019

President Klaus Iohannis signed on last Monday the decree regarding the submission to Parliament for the ratification of the Letter of Understanding between Romania and the International Bank for Reconstruction and Development (IBRD) on the down payment for preparing "the Justice District" project.This letter was signed in Brussels on 30 May and in Bucharest on 6 June and aims for the IBRD to grant a 2.5 million US dollars for endorsing the preliminary activities ...

Supplementation and amendment of the Rules on determining the ROBID and ROBOR reference rates

Monday, September 23, 2019

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The National Bank of Romania took steps to revise the Rules on determining the ROBID and ROBOR reference rates (hereinafter referred to as the “Rules"). Specifically, it envisaged: to harmonise the Rules, amid the developments in the EU-wide legal ...

Insurance market records solid growth in 2019

Monday, September 23, 2019

The insurance market has recorded a solid growth this year, overall and by segments, with insurance companies' solvency and liquidity levels being more or less the same as those recorded in 2018, according to the head of the Financial Supervisory Authority (ASF), Leonardo Badea."The data we have so far show a solid growth of the market, overall (+7.8 per cent), and also for a series of important segments that we usually refer to and which are among those that ...

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