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Financial & Banking

MFP: 2019 budgetary deficit at 4.6% of GDP

Monday, February 3, 2020

Romania’s budgetary deficit in 2019 was recorded at 4.6% of GDP, the highest figure in the last 9 years, according to data from the Ministry of Public Finance (MFP). The figure stands at 0.2% above the predictions in last year’s budget amendment. The difference comes from two unexpected events which occurred at the end of last year, the debt settlement to the Micula brothers (LEI 0.9 billion) and lower equities from state-owned companies ...

Minister says Romania has no option but become part of Euro zone

Monday, February 3, 2020

 Finance minister Florin Citu says Romania's goal to enter the "Euro waiting room" in 2024 was an "ambitious one". But he said, in an interview with Digi24 news channel on Monday evening, that "not joining the Euro zone is not an option for Romania".The Liberal minister said that for the three years under the previous Social Democratic (PSD) government all macro deficits have deteriorated. So, he said, the goal of joining the Exchange Rate Mechanism II (ERM ...

Citu: EximBank-Banca Romaneasca merger not approved by Finance Ministry yet

Monday, February 3, 2020

The merger between EximBank and Banca Romaneasca has not been approved by the Ministry of Public Finance, finance minister Florin Citu declared on Tuesday, mentioning that it is difficult to be done. “There are many things to discuss as this merger between a state bank which did not have activity in the retail market  and a retail bank which has acted in the Romanian market in past years is complicated and experience is needed,” said ...

IFC provides USD 16 mln financing to Romanian Banca Transilvania subsidiary

Monday, February 3, 2020

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IFC, a member of the World Bank Group, will provide a USD 16 million financing to BT Mic, a subsidiary of the largest Romanian lender – Banca Transilvania – that specializes in loans to micro and small enterprises. The financing is mainly aimed at improving the financial inclusion of women-owned small businesses in Romania. “IFC’s support will enable BT Mic to provide much-needed financing for start-ups ...

Intesa competes with OTP for Garanti’s Romanian subsidiary

Monday, February 3, 2020

OTP Bank of Hungary and Italian group Intesa Sanpaolo Bank have submitted indicative offers of similar values for the acquisition of Garanti Bank Romania, ...

Deloitte Survey : Private Equity Confidence at seven-year low as economy faces uncertainty

Monday, February 3, 2020

Central Europe’s private equity (PE) markets may be slowing down, according to the latest Deloitte Central Europe Private Equity Confidence Survey, as nearly half of respondents (46%) expect ...

Horizon Capital returns as shareholder in Romanian-Moldovan winemaker Purcari

Monday, February 3, 2020

Horizon Capital, a leading private equity firm in the region, announced on January 29 that its USD 200 million Emerging Europe Growth Fund III (EEGF III) has bought a 6.8% stake in Romanian-Moldovan wine producer Purcari, listed on the Bucharest Stock Exchange. The fund paid USD 7.0 million for the stake. Horizon Capital became the majority shareholder of Purcari Wineries in 2010, when it took over 64% of the companys’ shares through Emerging ...

Raiffeisen Bank launches EUR 5 mln program to finance 100 startups in Romania

Monday, February 3, 2020

Raiffeisen Bank Romania launched on January 28 the third edition of its factory by Raiffeisen Bank program aimed at financing local startups. The bank aims to finance over 100 projects this year with up to EUR 50,000. The financing consists of preferential loans for a period of up to 60 months. The startups selected for financing will pay an interest rate of 3% over the 1-month interbank rate (ROBOR – currently some 3%) ...

CSALB: Negotiations between customers and banks brought in profits of 2.67 million euros

Monday, February 3, 2020

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Negotiations conducted by the Centre of Alternative Dispute Resolutions in the Banking Sector (Centrul de Solu?ionare Alternativ? a Litigiilor în domeniul Bancar – CSALB), brought in EUR 2.67 million to consumers and the whole banking system in Romania between 2016 and 2019. Almost half the amount, EUR 1.25 million, is represented by the decrease of payment efforts in 2019. With the rise of benefits obtained through conciliation, the number ...

The impact of Brexit on Romanian economy

Monday, February 3, 2020

Britain's exit from the European Union will have a small effect on the Romanian economy, as the UK is the Eastern European country's ninth biggest trade partner and came last among the ten biggest foreign direct investors in the country in 2018, according to an analysis by KeysFin consulting company, quoted ...

Economy minister sees EBRD involved in listing of Romanian energy major Hidroelectrica

Monday, February 3, 2020

Romania's Economy minister Virgil Popescu said in an interview with HotNews.ro on Thursday that works was underway for the listing of major energy company Hidroelectrica. He said his government wanted to list it on the exchange this year.A procedure was not yet clear in this regard, nor is the stock considered for listing, but the maximum threshold is 20%."Today (Thursday) I had talks with the EBRD. Next week I'll have more in-depth talks. I'm ...

The Romanian stock market goes up by 35 percent in 2019

Monday, January 27, 2020

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The BET index, which includes the most-traded 16 companies listed on the Romanian stock exchange, except for the Financial Investment Companies, went up by 35% in 2019. It is the largest yearly growth rate in the last decade posted by the Romanian stock market and the second increase rate in 2019 among EU capital markets. Accounting for dividends, the market spiked up by 47%, the Bucharest Stock Exchange (BVB) announced on ...

2020: When Economic Prudence Will Lead to Improved Performance

Monday, January 27, 2020

* 2020 Outlook on Romania By Johan Meyer, CEO Franklin Templeton Investments Bucharest Branch and Portfolio Manager of Fondul Proprietatea Thirty years after the fall of the communist regime, Romania seems to be well anchored in European values and on a clear path of economic development. Even if certain problems linger with respect to the latter issue, Romania has the opportunity to start the new ...

Survey : Two out of three Romanians do not save regularly

Monday, January 27, 2020

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Only 34% of the Romanians save regularly a part of the income, according to a survey made by ISRA Center at the end of 2019 for the Association for Privately Managed Pensions of Romania (APAPR). A similar survey, made in 2018 by the same company, showed that 45% of the people saved regularly from the income. ‘Despite the increase of recent salaries, fewer Romanians manage to save’ the author of the research say. The survey was made between 23 October – 18 ...

Isarescu: the National Bank of Romania, we say, is 16th in the world as setting up of central bank

Monday, January 27, 2020

The National Bank of Romania is 16th in the world in the order of central banks setting up, which proves that the Romanian state has a consistent institutional history, stated on Wednesday the governor of the National Bank of Romania, Mugur Isarescu at a debate about the work’ The Future of central banks. The symposium of the three centuries of the Bank of England’.‘The National Bank of Romania, we say, is 16th in the world as order of setting up ...

EximBank finalises Banca Romaneasca's takeover

Monday, January 27, 2020

EximBank has finalized the acquisition of Banca Romaneasca SA (BROM), with the submitted bid being part of the agreement concluded in June 2019 between EximBank and National Bank of Greece (NBG) on the purchase of the latter's 99.28 percent stake in BROM, the bank said in a release.As a result of the acquisition, EximBank enters Romania's attractive retail market and becomes a universal bank with full services and will continue to fulfill its long-term mission by ...

Deputy PM Turcan: There is money to increase pensions, no need for this topic to be brought up

Monday, January 27, 2020

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Deputy Prime Minister Raluca Turcan said on Wednesday that the money to increase pensions was provided for in the budget, adding that she does not understand why this topic is being "constantly brought up"."I think that the prime minister's point of view must also be added here, who today stated that the money allocated for the increase of pensions exists. And an addition that I allow myself to make is the following: the Romanians do not have to worry. The moment ...

Net assets of investment funds, up to 49.5bn lei, in 2019

Monday, January 27, 2020

The net assets of the 215 investment funds registered an increase of 18.1pct in 2019, and in December last year they reached 49.5 billion lei (10.4 billion euro), informs the Fund Managers Association (AAF).The top 5 funds (open locally) in 2019 registered annual net yields between 36.1pct and 42.9pct.The Fund Managers Association is the professional non-governmental organization of operators in the Collective Investment Undertakings (O.P.C) Romania, ...

Insurance policies up by 28pc reported by City Insurance for 2019

Monday, January 27, 2020

The insurance-reinsurance company City Insurance has issued during 2019 insurance policies in the amount of EUR 410 million, an increase of 28% compared to the year 2018, according to the company’s preliminary results for 2019. At the same time, the amount of compensations paid reached the level of EUR 244 million (the equivalent of 1.1 billion lei), up by 33% compared to last year. The number of claim files paid up to the ...

Dentons strengthens its CEE banking and finance practice

Monday, January 27, 2020

Dentons law firm has hired seven lawyers to strengthen its Banking and Finance practice in Bucharest and across CEE. Partners Simon Dayes and Simona Marin and an additional five banking and finance lawyers joined Dentons over the last few months. Perry Zizzi, Managing Partner of Dentons Romania, stated: “The appointment of two of the most experienced Banking and Finance partners in the region marks a new era for us, and is a crucial building ...

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