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Financial & Banking

Deloitte Survey: Central European private equity firms hit lowest confidence level since the financial crisis

Monday, August 31, 2020

Central Europe’s private equity (PE) firms’ confidence hits lowest level since the global financial crisis, as a result of the COVID-19 impact, but deal-doers are more optimistic than during the 2008 crisis, according to the latest Deloitte CE Private Equity Confidence Survey. The confidence index, which ...

Gov't approves responsibilities of EXIMBANK interministerial committee for loans to large companies

Monday, August 24, 2020

The government approved a draft decision on the responsibilities of the EXIMBANK Interministerial Committee on Finance, Guarantees and Insurance, which will carry out a lending program for large companies, said the head of the Chancellery of the Prime Minister, Ionel Danca."The government has adopted a draft decision on the responsibilities of the EXIMBANK Interministerial Committee of Finance, Guarantees and Insurance, which will develop a credit programme for ...

Total transactions on Bucharest Stock Exchange, up 5% in the first 7 months

Monday, August 24, 2020

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The transactions with all the types of financial instruments traded on the Bucharest Stock Exchange (BVB) totaled EUR 1.38 billion in the first 7 months of the year, up 5% compared to the same period of last year. The equities segment dominated the market transactions, with a total of EUR 1.28 billion, a slight 0.35% increase year-on-year. The average daily ...

Higher digital adoption can help banks increase overall customer satisfaction

Monday, August 24, 2020

New insights from the “Financial Pulse Survey” conducted by McKinsey & Company show that, Romanian consumers have immediate support needs from banks related to more convenient credit aid and improved service via digital channels. For example, 52% of them would want their bank ...

ING Bank Romania, net profit drops to 320 million RON in H1

Monday, August 24, 2020

ING Bank Romania announced in the first semester a profit before tax dropping to 369 million RON, by 18 pct smaller than last year, and a net profit of 320 million RON, dropping by 17 pct, according to a release of the bank.According to the quoted source, total incomes recorded an increase of 4 pct, reaching 1.05 billion RON. The credit portfolio reached the total value of 27.9 billion RON, recording a 2 pct increase. Crediting for individuals grew more rapidly ...

Banca Transilvania group’s net profit down 27% in H1

Monday, August 24, 2020

Banca Transilvania, the largest financial group in Romania by assets, reported a net profit of RON 690 mln (EUR 142 mln) in the first half of the year (H1), down 26% compared to the same period last year. At an individual level, the bank's profit decreased by 28%, to RON 607 mln (EUR 125 mln), according to the half-yearly data published by the financial ...

Minutes of the monetary policy meeting of the NBR Board on 5 August 2020

Monday, August 17, 2020

14 August 2020 On 5 August 2020, the Board of the National Bank of Romania held a meeting in which the following members took part: Mugur Isarescu, Chairman of the Board and Governor of the National Bank of Romania; Florin Georgescu, Vice Chairman of the Board and First Deputy Governor of the National Bank of Romania; Leonardo Badea, Board member and Deputy Governor of the National Bank of Romania; Eugen Nicolaescu, Board member and Deputy Governor of ...

Balance of payments and external debt – June 2020

Monday, August 17, 2020

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In January - June 2020p, the balance-of-payments current account posted a deficit of EUR 3,497 million, compared with EUR 4,373 million in the same year-ago period, the National Bank of Romania's data show.. The deficit on trade in goods widened by EUR 1,127 million, the surplus on services increased by EUR 376 million, the primary income balance recorded a positive contribution of EUR 1,123 million, and the surplus of the secondary income balance rose by EUR 504 ...

The Competition Council, worries regarding the trading in which BRD and Raiffeisen Bank get into CITOne shareholding together with BCR

Monday, August 17, 2020

The Competition Council announced ‘ on Wednesay that they had under debate the commitments proposed by BRD, Raiffeisen Bank and BCR to become shareholders of the supplier of integrated services for cash management CIT One. The competition authority says that there are some worries as regards both the possibility to exchange sensible information between the CIT One shareholders who could lead to their coordination as well as the possibility that, after the trading, the ...

OTP Bank obtains doubling of guarantee level within IMM Invest Program Romania

Monday, August 17, 2020

OTP Bank Romania announces an additional level for credit guarantee for small and medium companies granted within the government program IMM Invest Romania, carried out by means of the National Fund for Credit Guarantee form Small and Medium Companies (FNGCIMM), according to a bank press release. The press release mentions that the initial amount grated by OTP Bank of 340 million lei, for the program was spent. In about three months since the beginning ...

SIF Oltenia's H1 net profit drops to 27.09 ml lei

Monday, August 17, 2020

Financial investment company SIF Oltenia posted a net profit of 27.09 million lei as of June 30, 2020, down from the 114.28 million lei registered in the same period last year, as well as compared to the budgeted 27.522 million lei, shows the company's report to the Bucharest Stock Exchange.SIF Oltenia's total revenues in H1 2020 amount to 34.76 million lei, standing at 27.42 percent of the 126.7 million lei reported a year ago.Total expenses at the ...

BVB Group posts 10 pct higher mid-year consolidated net profit

Monday, August 17, 2020

The mid-year consolidated net profit of the Bucharest Stock Exchange (BVB) Group was 10 percent higher, at 4.24 million lei, with the group's trading segment accounting for 75 percent of the amount, show the financial results released on Thursday.(1 euro = 4.8357 lei)The group's operating revenues were up by an equal 10 percent, reaching 19.58 million lei, as revenues from the trading segment increased by 11 percent to 11.31 million lei, and those from the ...

Government bonds for retail investors start trading on Bucharest Stock Exchange following EUR 420 M subscription

Monday, August 17, 2020

The Ministry of Public Finance (MFP) attracted RON 1.22bn and EUR 168.4mn. (in a total amount of RON 2.04bn – EUR 422mn), through the primary offer for the sale of government bonds for the population (FIDELIS), which took place between July 15th and August 7th, through the Bucharest Stock ...

OTP Bank Romania: rising risk costs shadows robust expansion

Monday, August 17, 2020

OTP Bank Romania reported its consolidated net profit contracted by 69% year-on-year to RON 17 mln (EUR 3.5 mln) in the first six months of the year. Despite rising profit from operations, the bank's bottom line deteriorated because of the 142% rise in the risk costs to RON 76 mln, out of which RON 59 mln prompted by the expected effects of the economic crisis generated by the ...

Leonardo Badea : The effect of crises to amplify inequalities is manifested not only at the level of individuals but also between countries

Monday, August 17, 2020

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(This interview with Leonardo Badea, the Deputy Governor of the National Bank of Romania, does not reflect the position of the BNR) - If we refer to the current pandemic crisis, paraphrasing, can we say that “this time is different”? Would it have helped us to pay more attention to what the previous crises have shown us? Associating this famous quote to the current situation is indeed tempting, ...

BNR Board decisions on monetary policy

Monday, August 10, 2020

In its meeting of 5 August 2020, the Board of the National Bank of Romania (BNR) decided the following: to cut the monetary policy rate to 1.50 percent per annum from 1.75 percent per annum starting 6 August 2020; to lower the deposit facility rate to 1.00 percent per annum from 1.25 percent per annum and the lending (Lombard) facility rate to 2.00 percent per annum from 2.25 ...

CFA: Confidence in economy will not return unless medical crisis is resolved

Monday, August 10, 2020

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Elections have complicated the adoption of measures to reduce the sanitary crisis, so first the medical crisis must be resolved and then stronger measures could be adopted to relaunch economy,  said the president of CFA Romania, Adrian Codirlasu, on Thursday. “There is higher volatility in markets before elections. In Romania's case, elections complicated the adoption of measures to attenuate the sanitary crisis. This year, deficit is in ...

BNR's International reserves – July 2020

Monday, August 10, 2020

On 31 July 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 36,249 million, compared to EUR 35,002 million on 30 June 2020. During the month, the following flows were recorded: EUR 4,722 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts (including the ...

OTP Bank Romania announces the financial results for S1 Of 2020

Monday, August 10, 2020

OTP Group  has announced the financial results for the first semester of 2020. According to the report published in Budapest, which presents the consolidated results adjusted in accordance with the Group´s standards, OTP Bank Romania has registered during the first six months of the year an after tax profit of RON 17 million (HUF 1.1 billion), lower than the result of the first half of 2019, having doubled the risk costs in the context of the Covid-19 ...

Erste improves forecast for Romanian Q2 GDP

Monday, August 10, 2020

Erste Bank analysts said on Wednesday they expect a quarterly contraction of Romania's economy of 10.8% in the second quarter of 2020, an improvement over a previously estimated shrinking of economic output by 15.2%, seenews.com reads. The improvement was due to better-than-expected recent readings on soft and hard data, Erste Bank said in an analysis. Among Erste's nowcasting models for economic growth, the supply ...

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