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Financial & Banking

Contribution for Pillar II of pensions will increase from 3.75% to 4.75%

Monday, March 21, 2022

 Contributions to private pension funds (Pillar II) will increase from 3.75% to 4.75%, after the Government approved on Wednesday an Emergency Ordinance in this sense, the Ministry of Labor announced in a press release sent last week."Milestone ticked in the National Recovery and Resilience Plan: contributions to ...

BCR expects BNR to bring refinancing rate to 3.5% by mid-year

Monday, March 21, 2022

  Faced with inflation likely to reach 12.5% by the end of the year, 1.3pp higher than its own projection, Romania's central bank (BNR) will raise the refinancing rate by 50bp to 3.0% in its next monetary board meeting on April 9 and by another 50bp to 3.5% until the mid of the year, according to a research note of BCR Bank's chief economist Ciprian Dascalu.   February inflation (8.53% YoY) came short of the ...

Alpha Bank’s loan portfolio in Romania exceeded EUR 2.7 Bln

Monday, March 21, 2022

* Alpha Bank Romania reported full year 2021 financial results highlights on last Tuesday.   New financing granted to legal entities advanced at a 72% annual pace, while financing granted to individuals marked ...

Transilvania Investments the first trading day under the ticker TRANSI

Monday, March 21, 2022

Starting with March 14th, Transilvania Investments shares, one of Romania’s biggest investment funds, was traded on the Bucharest Stock Exchange under the stock symbol ...

Romanian-German team develops cryptocurrency to support Ukraine

Monday, March 14, 2022

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A team of Romanian and German developers created a cryptocurrency, LOVEUKRAINE, the purpose of which is to help Ukraine, according to a release sent on Friday.A share of 4.8% of the total transactions with this cryptocurrency is redirected to an aid fund (a public crypto wallet).LOVEUKRAINE was launched by the team of developers of Aether, a cryptocurrency that reached a maximum market capitalization of 3.8 million dollars. Presently, LOVEUKRAINE ...

BVB: Romanian capital market grows 55 pct in the two years of pandemic

Monday, March 14, 2022

In the two years of pandemic, the increase of the Romanian capital market expressed through the BET-TR total return index (which also includes dividends) was 55 percent, and 39 percent when expressed through the BET index, the Bucharest Stock Exchange (BVB) informs in a release.According to data reported by the Investor Compensation Fund at the end of 2021, over 80,000 Romanians are trading on the Romanian stock market.Stock Exchange ...

Investment funds' net assets down 0.7 pct in January, to 22.3 billion RON

Monday, March 14, 2022

 Net assets of open local investment funds reached approximately 22.3 billion RON in January, dropping by 0.7 pct compared to the previous month, according to a report of the Financial Supervisory Authority (ASF).At the end of January 2022, net assets related to all categories of open investment funds decreased from the previous month (-2.7%), while net assets of open shares and yield funds registered the highest growths, when comparing with the ...

European Investment Bank Group offers 907 million euros for new investments in Romania in 2021

Monday, March 14, 2022

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Last year the European Investment Bank Group provided EUR 907 million for new investments across Romania.  The EIB Group’s engagement in the country included financing for construction of two new regional hospitals, modernization of the national electricity network to harness renewable energy and deployment of smart meters, improving energy efficiency and scaling up high-impact business ...

The contribution quota to the Second Pillar of pensions increases by one percentage point to 4.75% from January 1, 2024

Monday, March 14, 2022

The contribution to the mandatory pension funds in Romania is supposed to increase from 3.75% currently to 4.75% as of January 2024, according to a Government’s draft emergency ordinance consulted ...

CEC Bank gets its first international rating assigned - 'BB' from Fitch

Monday, March 14, 2022

  CEC Bank received its first ever international rating, being assigned a 'BB' long-term issuer default rating with stable outlook by Fitch Ratings."CEC Bank's obtaining a Fitch rating is a signal that it has a solid financial profile and complies with best corporate governance and transparency practices. The rating from an international agency is a necessary step, as CEC Bank plans to access capital markets through subordinated bond issues.We ...

Gov't Spokesman: Gov't, EIF funding contract on venture capital funds for recovery, approved

Monday, March 14, 2022

 The funding agreement between the Government of Romania, represented by the Ministry of Investments and European Projects, and the European Investment Fund (EIF) regarding venture capital funds for recovery within National Recovery and Resilience Plan (PNRR) was approved in the Government meeting on Wednesday, said Government Spokesman Dan Carbunaru."As a result, the Investment Committee for Recovery within the Recovery and Resilience Plan of Romania will be ...

Banca Transilvania refinances EUR 80 mln loans for real estate developer Anchor Group

Monday, March 14, 2022

Anchor Grup, one of the most important real estate developers in Romania, obtained a EUR 80 mln loan from Banca Transilvania to refinance the retail and office projects. It is one of the largest bank loans extended on the local real estate market. "We are pleased that Banca Transilvania, the largest bank in Romania, supports the development of our projects, trusting in the investment strategy of Anchor Grup. ...

UniCredit Romania to distribute 91% of last year’s profit

Monday, March 14, 2022

UniCredit Bank Romania, a subsidiary of the Italian group of the same name, has decided to distribute to its shareholders (the Italian parent group primarily) some 91% of last year’s net profit as dividends, namely about RON 584 mln (EUR 117 mln).   This proposal, inked by the management of UniCredit Bank Romania, is to be discussed by the bank's shareholders at the Ordinary General Meeting of ...

Optional pension funds, assets of almost 3.43 billion RON, up 14 pct, in January

Monday, March 14, 2022

Optional pension funds had assets worth 3.43 billion RON, on August 31, 2021, up 14% compared to the level recorded in the same period last year, shows a report of the Financial Supervisory Authority (ASF)."The majority of investments were made locally (92%), most of them denominated in RON (90%)," reads the report.Government securities had the largest share in assets, of 2.109 billion RON, respectively 61.54%, followed by shares, with 974,495 ...

Assets of privately managed mandatory pension funds at 89.63 bln RON, up 15 pct, in January

Monday, March 14, 2022

Mandatory private pension funds had assets worth 89.63 billion RON at the end of January 2022, up 15% from the level recorded on January 31, 2021, shows data of the Financial Supervisory Authority (ASF)."The privately managed pension funds' investments were 88% focused on Romanian assets, most of which were denominated in RON. A large part of Romanian instruments are represented by government securities or shares listed on the BVB [Bucharest Stock ...

BCR exchanges Ukrainian hryvnia to RON

Monday, March 7, 2022

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Romanian lender BCR, part of Austrian group Erste, said it would exchange the Ukrainian currency hryvnia UAH to the Romanian RON as part of a series of measures to support Ukrainian refugees.   It will exchange cash UAH to RON, at the exchange rate set by the central bank BNR, within a limit of RON 2,000 (EUR 400) per person/ Ukrainian passport. This is available only to holders of Ukrainian ...

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 ...

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