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Financial & Banking

Study: Regulations proposed by the OECD may lead to an increase of their tax burden

Monday, November 23, 2020

More than 60% of multinationals worldwide estimate a possible increase in their corporate tax burden as a result of the implementation of the reform announced by Organization for Economic Co-operation and Development (OECD) at the beginning of this year, based on two pillars, taxation of the digital economy (Pillar I) and minimum corporate taxation (Pillar II).   According to ...

Patria Bank scores over 1.22 M euro in profit January through September

Monday, November 23, 2020

Patria Bank reported a net profit of over 1.22 million euro (5.98 million lei) at nine months, an increase of 2 pct compared to the same period in 2019, according to its financial results on September 30, published on the website of the Bucharest Stock Exchange (BVB)."This financial performance occurred in an unanticipated pandemic environment where predictability was very low and the volatility of macroeconomic conditions was high. Compared to the previous ...

FONDUL PROPRIETATEA FINANCIAL RESULTS FOR THE QUARTER ENDED 30 SEPTEMBER 2020

Monday, November 23, 2020

Fondul Proprietatea (hereinafter “The Fund”) has published today its financial results for the third quarter of 2020 and would like to share the most important highlights:   The share price continued to recover after the significant drop recorded by all capital markets following the COVID-19 outbreak at the beginning of the year and, as at the end of September 2020, was 16.7% ...

More than a third of Romanians would keep their savings in a hidden envelope in the closet!

Monday, November 23, 2020

* Study by Reveal Marketing Research on Romanians' attitudes towards savings and investments   Reveal Marketing Research conducted a study on Romanians’ attitudes towards savings and investments to find out what are the main tools of managing their financial resources. Given the COVID-19 context challenging the economic situation at all levels and industries, people need to reassess their ...

ING Bank Romania net profit drops 26 pct January through September 2020

Monday, November 23, 2020

At the end of September 2020, ING Bank Romania recorded a net profit of 443 million lei, down 26 pct compared to the same period last year, according to a press release sent on Wednesday.The bank's total revenues increased by 2 pct to 1.57 billion lei, while operating costs increased by 8.6 pct.The loan portfolio reached a total of 27.8 billion lei in September, indicating an increase of 4 pct against last year, and the deposit portfolio ...

BNR Board decisions on monetary policy

Monday, November 16, 2020

In its meeting of 12 November 2020, the Board of the National Bank of Romania (BNR) decided the following:   to keep the monetary policy rate at 1.50 percent per annum; to leave unchanged the deposit facility rate at 1.00 percent per annum and the lending facility rate at 2.00 percent per ...

FinMin Citu is confident in S&P’s decision, rules out IMF agreement

Monday, November 16, 2020

Romania's GDP will contract by only 4% this year (+/-0.2pp), S&P will maintain the sovereign debt rating in the investment-grade area, and the country will need no agreement with the International Monetary Fund, finance minister Florin Citu said in a press conference before the Parliament meeting on budgetary and economic matters.   He argued that ...

BNR: Balance of payments and external debt – September 2020

Monday, November 16, 2020

In January - September 2020p, the balance-of-payments current account posted a deficit of EUR 7,737 million, compared with EUR 7,942 million in the same year-ago period, the Central Bank (BNR) stated. The deficit on trade in goods widened by EUR 1,165 million, the surplus on services increased by EUR 392 million, the primary income balance saw its deficit narrowing by EUR 401 million, and the surplus of the secondary income balance rose by EUR 577 ...

BT’s Financial Results as at September 30, 2020; Banca Transilvania, ready to Support the Recovery of the Economy

Monday, November 16, 2020

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Banca Transilvania has had a significant contribution to the recovery of the economy in Q3, after the shock generated by the first pandemic wave.  BT’s loan balance grew by RON 1.1 bn. during the third quarter, reaching RON 40.1 bln. The Bank has granted more than 7,000 financing facilities via the government program IMM Invest, counting ...

Getin Holding authorised the Rothschild bank to manage the sale of Idea Bank Romania

Monday, November 16, 2020

The board of the Polish financial holding Getin Holding took the decision to continue a possible sale of all shares owned with Idea Bank Romania  and signed an agreement for financial counselling with the international bank of investments Rothschild, according to a press release of Getin.   Idea Bank (the former Romanian International Bank) was taken over in 201 by Getin Holding, one of the biggest ...

Ghetea: digitisation in the banking system saved lives, contributed to the implementation of the measures of social distancing

Monday, November 16, 2020

Digitisation in the banking system has saved lives, contributing to the implementation of the measures of social distancing imposed by military ordnances, stated on Wednesday Radu Ghetea, honorary chairman of the Romanian Association of Banks and chairman of the board of Libra Internet Bank, at the conference ‘ Digital Financial-banking services and Cyber security’. According to him, through services such as mobile banking the clients ...

Alpha Bank Romania to become latest member of the Energy Efficient Mortgages Pilot Scheme

Monday, November 16, 2020

The Energy Efficient Mortgages Initiative (EEMI) is delighted to announce that Alpha Bank ...

Raiffeisen Bank Romania reports 9% stronger 9M profit

Monday, November 16, 2020

Raiffeisen Bank, the Romanian subsidiary of Raiffeisen Bank International, reported a RON 583 million (EUR 120 mln) net profit in January-September, 9% higher compared to the same period in 2019.   "Given the conditions - the lockdown in the second quarter, the decrease in operating income and the increase in the bank's provisions - the fact that we report an increase in lending makes me very satisfied with what we have ...

Groupama Asigurari: Local insurance market mounts robust response to pandemic crisis

Monday, November 16, 2020

François Coste, General Director of Groupama Asigurari, highlighted for https://business-review.eu/ the way the coronavirus pandemic has challenged the local insurance market and outlines the main changes we will see in the coming period as a result of this complex crisis.   What impact has the pandemic had on the Romanian financial and insurance ...

BCR launches the first Financial mindfulness program in Romania

Monday, November 16, 2020

BCR launches the program „Financial mindfulness: how to improve your relationship with money. Financial education program in 21 steps”. Created in collaboration with psychotherapist Gáspár György and structured in 21 easy-to-follow steps, the program is the first of its kind in Romania. With the help of this program, those who go through it will understand how they can develop a more conscious and balanced financial ...

Immofinanz in talks to take over Bancorex office building in Bucharest

Monday, November 16, 2020

Austrian real estate investment fund Immofinanz is negotiating with Romanian lender BCR, part of the Austrian Erste Bank group, the acquisition of the Bucharest Financial Plaza office building, known as the "Bancorex" building in the center of Bucharest.Investment fund Revetas Capital is also among the bidders, and BCR still accepts offers.   A deal could be announced in the first half of 2021 at an ...

Profit of 4.5 billion lei for the Romanian banking system in eight months from 2020

Monday, November 9, 2020

The Romanian banking system posted aggregated net profits worth nearly RON 4.5 billion (EUR 925 mln) in the first eight months of this year, Ziarul ...

Ministry of Finance continues Fidelis program of issuing government securities in lei and euro for the population

Monday, November 9, 2020

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The Romanian Ministry of Public Finance returns to the capital market with three new issues of government bonds for the retail investors, following the success of the public sale offer (IPO) conducted in August. The new IPO in the Fidelis program will take place on the Bucharest Stock Exchange (BVB) between November 9th and 27th, when investors can subscribe government bonds in RON with a maturity of 1 and 3 years, and in EUR, with a maturity of 5 ...

XTB: opinions of several specialists regarding the “stars” of the stock markets at the end of 2020 and beginning of 2021

Monday, November 9, 2020

Online commerce, technology companies, cyber security companies, those active in the online field in general, gold, the pharmaceutical and medical sector, FMCG companies, supermarket chains and energy companies present the best opportunities of investments at the end of 2020 and beginning of 2021, according to the opinions formulated by seven of the most well-known specialists in capital markets in Romania. These are: Valentin Nedelcu, Mircea Iliescu, Dan Sulica, ...

OTP Bank Romania : Financial results for the first nine months of 2020

Monday, November 9, 2020

OTP Group has announced the financial results for the first three quarters of 2020. This year’s activity has been transformed and strongly influenced by the effects of the Covid-19 pandemic, and the banking industry is one of the first to respond to the support and financing of the local economy. OTP Bank records positive operating results, growth in the lending and saving areas, and a healthy profitability for the current ...

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