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Financial & Banking

BVB, the fastest growth rate among EU capital markets: up by 9 pc in the first two months

Monday, March 12, 2018

Romanian capital market continued its upward trend and, despite recording some lower sessions, the increase after the first two months stood at 9 percent, romaniajournal.ro reports. BET, the main index of the Bucharest Stock Exchange (BVB), closed February 2018 at 8,452 points, the second largest closing value recorded by BET during the January-February period this year, a press release informs. The increase posted by BVB ...

External debt: Romania to pay RON 10bn for interests and commissions in 2018

Monday, March 12, 2018

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Romania is to pay RON 10 billion in 2018 for interests and commissions to the external debt, the projection on governmental public debt service conducted by the Finance Ministry reveals, romaniajournal.ro informs. The statistic was available in the last month of 2017 and in the meantime the payment obligations could have increased, an analysis conducted by Curs de guvernare, quoted by ziare.com reads. Considering the GDP level ...

Garanti Leasing finances a fleet of 20 electric cars

Monday, March 12, 2018

Garanti Leasing, part of Garanti Romania, finances 20 Renault Zoe cars, with over EUR 300,000, romaniajournal.ro informs. The cars are 100 percent electric and can be fully charged within 2 hours and 40 minutes, at a 22kW charging station. “Garanti Leasing’s long term strategy is to approach is our customers with financial services tailored to their needs. Moreover, our objective is to align these solutions to the latest technologic ...

Reuters: Romania aims to sell domestic debt worth 3.95 bln lei in March

Monday, March 5, 2018

 Romanian debt managers aim to sell leu currency bills and bonds worth 3.95 billion lei ($1.04 billion) in March, including 450 million lei at non-competitive rounds of auctions, the finance ministry said on Wednesday, Reuters correspondent reports. In February, the ministry sold debt worth roughly 3.28 billion lei, with yields under rising pressure as the central bank began tightening its benchmark interest rate this year. In March, the ministry has scheduled eight bond ...

Banca Transilvania 10 million share buyback by March 23

Monday, March 5, 2018

Banca Transilvania's Board of Directors has decided to buy back 10 million shares at a minimum price equal to the market price at the time of the purchase and a maximum of 3.5 lei, the Bucharest Stock Exchange (BVB) announced on its website.The buyback operation will take place between March 1 and March 23, 2018. Banca Transilvania shares increased 15.02 percent from the beginning of the year and 3.81 percent in the past week to 2.45 lei / share.Banca Transilvania ended 2017 with ...

Deloitte: Romania among the countries with highest non-performing loans portfolio of late

Monday, March 5, 2018

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Romania is on the list of the countries with the highest volumes of non-performing loans portfolios ("NPL") sold in recent years, shows a Deloitte report.According to the cited source, the sustained upward trend of sales of bad loans portfolios continued in Central and Eastern Europe in 2017, after having hit a nominal value of over seven billion euro in 2016.In 2017 Romania, Hungary, Croatia and Slovenia were the markets with the highest volume of portfolios sold in ...

BCR net profit fell by 36 pct to EUR 146 mln in 2017

Monday, March 5, 2018

The net profit of BCR, the biggest lender in Romania controlled by Austrian Erste, fell by 36 percent to RON 668.1 million (EUR 146 million) in 2017, mainly due to base effect, business-review.eu informs. In 2016, the bank had one-off revenues due to substantial risk provision releases and significant gain following the sale of certain stakes. Both the net interest and fee incomes fell, with 1.3 percent and 1.2 percent, while the net trading result gained 12.8 percent ...

Bank loans are compromised in Romania after cap on interest rates, says ARB president

Monday, March 5, 2018

Capping interest rates will lead to bank loaning being compromised in Romania, said Florin Danescu, president of the Romanian Banks Association (ARB), at a conference on Thursday, business-review.eu reports. He noted that the measure could affect both low-income potential clients, as well as high income ones. Danescu said that in the banking industry, the cost of a loan is made up of several elements and that a capping of interest rates would not allow their reduction unless the loan ...

Insurer Allianz-Tiriac ups operational profit despite revenue stagnation

Monday, March 5, 2018

Allianz-Tiriac, one of the biggest insurance companies in Romania, recorded revenues of over RON 1.2 billion (EUR 263 million) from the general and life insurance operations, similar to those registered in 2016, romania-insider.com informs. The company’s consolidated operational profit from the insurance business increased by over 44%, reaching RON 130 million (EUR 28.5 million), due to cost saving measures. Allianz-Tiriac paid close ...

ING Bank Romania posts 3 pct hike in gross profit to RON 584 mln in 2017 over higher lending

Monday, March 5, 2018

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ING Bank Romania said it recorded a gross profit of RON 584 million in 2017, up 3 percent year-on-year, if we take into account the income from the sale of the Visa shares, business-review.eu informs. The gross profit excluding this deal gained 32 percent. The bank saw a 21 percent increase in the lending activity to RON 21.2 billion. The loans to individuals accounted for 56 percent of the portfolio, while the rest was represented by companies. Loans in the Romanian currency ...

Dan Sandu, the new CEO of Intesa Sanpaolo Bank

Monday, March 5, 2018

Intesa Sanpaolo Bank, the Romanian subsidiary of Intesa Sanpaolo, announces that the Board of Directors decided to appoint Dan Sandu (photo) as CEO, as a press release informs, romaniajournal.ro reads. The appointment is subject to approval by the National Bank of Romania (BNR). Thus, Dan Sandu will succeed Marco Capellini, who will take on a new executive role within the Group. With a ...

Patria Bank’s social capital up by EUR 13 mln and takes a loan from EEAF Financial Services BV’s main shareholder

Monday, March 5, 2018

Patria Bank, the bank resulted from the merger between Commercial Bank Carpatica and the former Patria Bank, will increase its social capital by EUR 13 million, a decision that will be approved in the Shareholders’ Meeting on March 12, business-review.eu informs. Moreover the bank took a loan of EUR 4.3 million from EEAF Financial Services BV’s main shareholder to consolidate the increase. “We propose the increase in the social capital by approximately EUR ...

EY survey: 26 ICOs launched this year in Romania, risk of poor quality overflow

Monday, March 5, 2018

Investor demand for Initial Coin Offerings (ICO) remains high, but the capacity to attract funds has been going downwards since mid-2017 and in absence of a rigorous assessment and a due diligence process by potential investors the ICO market is extremely volatile, an EY survey reveals. According to the document, in certain cases the ICO investors contribute capital at an average rate of over 300,000 dollars per second."In Romania, about 26 ICOs have been ...

This January's overdue loan payments up 2.55 in domestic lei, 0.11 pct higher in foreign currency

Monday, March 5, 2018

Overdue loans - both corporate and individual - in domestic lei totaled 4.904 billion lei this January, up 2.55 percent from the figure reported in December 2017, while past due loans in foreign currency inched up 0.11 percent to the equivalent of 4.394 billion lei, the National Bank of Romania (BNR) said in a report. Loans in lei amounted to an aggregate of 146.5 billion lei this January (0.31 pct more compared to the previous month), of which 61.74 billion lei were taken ...

Banks and finance minister react to interest cap draft bill: “I am for the free market”

Monday, February 26, 2018

The initiative to cap the effective interest rate for mortgage and consumer loans is criticized by the financial institutions in Romania, while the minister of finance, Eugen Teodorovici, suggested that the intervention of the state in the market should be limited, business-review.eu ...

FinMin Teodorovici: Any increase in inflation, ROBOR or exchange rate is a concern

Monday, February 26, 2018

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Any increase in inflation, ROBOR (Romanian Interbank Offer Rate, ed. n.) or exchange rate is a concern, but we will talk with Governor Mugur Isarescu next week, Minister of Public Finance Eugen Teodorovici said at Parliament."Any increase, either we are talking about inflation, ROBOR or the exchange rate represents a concern. The discussion will take place next week with the governor [Mugur Isarescu, BNR governor] to see exactly how we act together," Teodorovici ...

CVI closes first year in Romania with 2 major transactions

Monday, February 26, 2018

CVI, an independent Polish private debt company and one of the largest European institutions investing in corporate debt instruments, ended 2017 with two significant transactions closed in Romania. In July 2017, IMPACT S.A., a company listed on the Bucharest Stock Exchange, issued 120 Series A bearer bonds with the nominal value of EUR 12 million. The offering was subscribed in its entirety by funds managed by CVI. The second investment was executed in November 2017 with One ...

Senate green-lights establishment of Romania's Development Bank

Monday, February 26, 2018

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The Senate adopted on Wednesday, as the first notified Chamber, the legislative proposal initiated by PSD and ALDE MPs on the establishment, organization and functioning of Romania's Development Bank - SA."Amid an acute lack of extra-budgetary funding, it is necessary to set up an institution whose activity consists in conducting financing, co-financing, refinancing, guarantees or other banking operations, insurance and reinsurance activities for individuals and legal entities, ...

Banks marginally toughened consumer loan lending standards in Q4 2017

Monday, February 26, 2018

Credit institutions maintained lending standards for retail housing loans and land ones constant and have marginally toughened those for consumer loans in the last quarter of 2017, shows survey conducted by the National Bank of Romania (BNR) on lending to non-financial companies and population.According to the document, at the level of non-financial companies, lending conditions were maintained at a steady level compared to the previous quarter. Banks forecast for the first ...

Eurostat: Romanians on the last place in EU regarding financial assets and liabilities

Monday, February 26, 2018

Romanian households are on the last place in European Union for financial assets, as a percentage of gross domestic product (GDP), but are significantly less indebted than other European households, according to Eurostat data published Thursday., business-review.eu informs The financial assets mainly consisted of insurance, pensions and standardised guarantees (38.8% of EU household financial assets), currency and deposits (30.4%), equity and investment fund ...

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