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Financial & Banking

SIF Banat-Crisana to buy 99.92% of South Korean-owned Doosan IMGB

Monday, September 14, 2020

Romanian investment fund SIF Banat-Crisana [BSE: SIF1] said on Monday that it has signed an agreement for the acquisition of a 99.92% stake in Doosan IMGB, a South-Korean-owned metallurgical company based in Bucharest.   The agreement was signed on September 4 and is pending approval from Romania's anti-trust body, SIF Banat-Crisana said in a statement ...

BNR: International reserves – August 2020

Monday, September 7, 2020

On 31 August 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,768 million, compared to EUR 36,249 million on 31 July 2020.   During the month, the following flows were recorded: EUR 1,360 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into ...

Romania's local currency securities included in the Bloomberg Barclays Global Aggregate index

Monday, September 7, 2020

Romania's local currency securities have been included in the Bloomberg Barclays Global Aggregate index, one of the most tracked indices globally by bond fund managers, the Bucharest Stock Exchange (BVB) informs.According to Bloomberg, as a result of this decision, a number of 39 bonds with a market value of $138.5 billion will be the equivalent of 0.2% of the Global Aggregate Index and 0.5% of the Global Treasure Index."This will make the passive ...

Only 22% of the arable land of Romania is insured, namely 2 million ha, out of 8.3 million ha

Monday, September 7, 2020

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The National Union of Companies for Insurance and Reinsurance of Romania announced that storms, and torrential rain generated over 96% of the damage paid to the farmers and at the same time that only 22% of the arable land of Romania is insured, namely almost 2 milion ha, out of 8.3 million ha. In the context of the extreme weather phenomena over the last years, which lead to important loss în agriculture, the Romanian farmers may protect their investments through ...

An ongoing look at how the attitudes of financial decision makers in Romania are evolving during the COVID-19 pandemic.

Monday, September 7, 2020

Over 40 percent of financial decision makers in Romania view the current economy as weak, and a similar percentage expect it to weaken further in the next 3 months. Similarly, over 50 percent of consumers state their current financial situation is at least somewhat weak, and only 20 percent expect it to improve in the next months. While almost half of consumers have experienced reduction in income and savings, less than a third have been able to reduce household spending. ...

SIGNAL IDUNA Romania announces a turnover of over RON 57.4 million in H1 of 2020

Monday, September 7, 2020

SIGNAL IDUNA Romania insurance company ended the first six months of 2020 with a turnover of over RON 57.4 million, which represents an increase of 44% compared to the same period of 2019. The number of insured persons reported at the end of the first six months of 2020 amounts to over 180,000 people, increasing compared to the same period last year by 64%, of which 88% are corporate contracts, the rest being assigned to the retail segment. The results achieved ...

FONDUL PROPRIETATEA H1 2020 FINANCIAL RESULTS

Monday, September 7, 2020

Fondul Proprietatea (hereinafter “The Fund”) has published its semi-annual report and financial results for the first half of 2020 and would like to share the most important highlights:   The share price had a strong performance in the first two months of the year, reaching a record high of RON 1.3800 per share on 14 February 2020. The negative impact of COVID-19 ...

"CIRCULAR EUROPE" STUDY BY ENEL AND THE EUROPEAN HOUSE – AMBROSETTI

Monday, September 7, 2020

FOR THE FIRST TIME THE STATE OF THE ART OF CIRCULAR ECONOMY IN EUROPEAN COUNTRIES HAS BEEN MEASURED: THE TRANSITION TO A CIRCULAR ECONOMY WILL BRING ECONOMIC, SOCIAL AND ENVIRONMENTAL BENEFITS THROUGHOUT EUROPE   The study analyses the state of the art of Circular Economy in Europe (27 EU countries and the United Kingdom) using an innovative analysis model, the Circular Economy Scoreboard, which ...

BNR: Monetary indicators – July 2020

Monday, August 31, 2020

At end-July 2020, broad money (M3) amounted to RON 446,125.4 million, up 0.5 percent (in both nominal and real terms) month on month and 14.0 percent (10.9 percent in real terms) year on year, National Bank of Romania – BNR's data ...

ECB and BNR have agreed to extend the framework arrangement to provide euro liquidity to the BNR until end-June 2021

Monday, August 31, 2020

The European Central Bank (ECB) and Banca Nationala a Romaniei (National Bank of Romania - BNR) have agreed to extend the framework arrangement to provide euro liquidity to the BNR via a repo line, in order to address possible euro liquidity needs in the presence of market dysfunctions due to the COVID-19 shock. Under a repo line, the ECB provides euro liquidity to a foreign central bank in exchange for adequate ...

 Over 18.43 million cards, issued in Romania until end-June 2020

Monday, August 31, 2020

The total number of cards issued in Romania at the end of the second quarter of 2020 was 18,436,032 units, up 0.3% compared to the end of the previous quarter, according to data centralised by the National Bank of Romania (BNR). According to the BNR, out of this total, 13,812,436 cards (72.78%) were active, compared to 14,163,211, at the end of March 2020. A number of 15,431,242 cards had a debit function and 2,910,162 a credit function.On the other hand, as of ...

Garanti BBVA Leasing, EFSE signed loan of 7 million euros to financesmall companies in Romania

Monday, August 31, 2020

Garanti BBVA Leasing, part of Garanti BBVA Romania Group, announced on Thursday that it had signed an accord for the loan of 7 million euros with the European Fund for South Eastern Europe (EFSE) to grant financing to small and very small companies in Romania. Garanti BBVA Leasing, a partner of EFSE since 2014, is one of the main players in the leasing market in Romania. The new financing will be used to extend the leasing offer of the institution for ...

CEC Bank active stock grew by 10% by mid year

Monday, August 31, 2020

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CEC Bank active stock was 36.1 billion lei by mid year, on the rise by 10% compared to the end of the year, the bank announced on Wednesday. Ionut Lianu, chief officer will ensure the management of CEC Bank active and passive stock. “Sources attracted from non banking clients exceeded 30 billion lei at the end of June, of which over 22 billion lei are amounts attracted from private persons. About 78% of sources attracted by the bank from clients are in the national ...

Net assets of the 223 Romanian and foreign investment funds dropped by 13% since the beginning of the year at 43 billion lei

Monday, August 31, 2020

The net assets of the 223 open and closed investment funds, local and foreign have increased in July by 0.8% up to 43 billion lei (8.9 billion euro) and dropped by 13% since the beginning of the year, announced on Wednesday the Association for Funds Management (AAF). ‘The net assets of the 223 open and closed funds, local and foreign have increased in July by 0.8% up to the level of 43 billion lei (8.9 billion euro) and dropped by 13% since the ...

Over 12 bln lei granted through IMM Invest programme, of which 51 pct for investment

Monday, August 31, 2020

Companies accessed loans worth 12.047 billion lei through the IMM Invest programme, with 51 pct of the amount granted for investment, i.e. 6.144 billion lei, said Dumitru Nancu, Managing Director of the National Credit Guarantee Fund for Small and Medium Enterprises (FNGCIMM), in an interview with Agerpres. He stated that of the 21 banks enrolled in the programme, 12 have already requested an increase in the ceiling.Nancu asserted that the National Investment and ...

Allianz-Tiriac Insurance turnover dropps by 1.6 pct in H1, to 688 million RON

Monday, August 31, 2020

Allianz-Tiriac Insurance has recorded gross written premiums of 688 million RON in the first semester, a drop of 1.6 pct over the same period of last year, on the backdrop of the restrictions imposed by the state of emergency, according to a release of the company sent on Thursday."The total value of the gross written premiums was relatively constant, with a drop of just 1.6 pct, down to 688 million RON, despite restrictions imposed by the state of emergency, ...

IFC appoints new regional manager for Central and Southeast Europe

Monday, August 31, 2020

The International Finance Corporation (IFC), a member of the World Bank Group, has appointed Ary Naïm as its Regional Manager for Central and Southeast Europe, based in Belgrade, and overseeing operations in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Slovenia, Kosovo, Montenegro, North Macedonia, Poland, Romania and Serbia. Naïm is taking over the position from Thomas Lubeck, who was recently appointed as Manager for Transaction Advisory ...

VIG profit in Romania - fourfold increase to 9.5 million euro in H1

Monday, August 31, 2020

The insurance companies owned by the Vienna Insurance Group (VIG) have recorded, in the first six months, a profit before tax of 9.5 million euro, an increase by 295 pct over the same period of last year, according to the financial results published on Wednesday by the Austrian group. In the first semester of 2019, VIG recorded in Romania a profit before tax of 2.4 million euro.On the Romanian market, VIG owns the companies BCR Life Insurance, Omniasig and ...

Analysis: Romanian pensions and politics are key to fiscal prospects

Monday, August 31, 2020

 The Romanian government's proposed 14% pension increase from September would reduce the challenge of consolidating public finances compared with the previously budgeted 40% increase, Fitch Ratings says. However, the eventual increase may depend on complex political calculations amid looming elections, and a large pension hike remains a risk to our baseline fiscal forecasts. The minority centre-right PNL government approved an emergency ordinance ...

Uniqa Insurance and Uniqa Life Insurance, net profit worth 3.5 million euro in H1

Monday, August 31, 2020

Uniqa Insurance and Uniqa Life Insurance have managed a cumulated net profit of 3.5 million euros in the first half of 20202, according to IFRS, quoted by a company release.Uniqa Insurance has reported in the first six months of 2020 an increase of 15 pct in the segment of non-car insurance, compared to the similar period of last year, recording gross written premiums worth 17.9 million euro on this line of activity, according to the IFRS.The activity ...

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