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Financial & Banking
Moody’s Ratings on commercial credit insurance amid the Coronavirus Pandemic
Monday, April 13, 2020
Moody’s Investors Service has announced the ratings in terms of financial strength (Insurance Financial Strength-IFS) and debt ratings, of five trade credit insurance groups: Atradius Credito y Caucion S.A. (A2 negative) and the other main operating companies of Atradius N.V. (Atradius); Compagnie Francaise d’Assurance pour le Comm. (Coface, A2 negative); Euler Hermes SA (Euler Hermes, Aa3 stable); Clal Credit Insurance (Clal, A3 negative) and BSSCH the Israeli ...
EBRD recorded a very strong financial performance in 2019
Monday, April 13, 2020
* Net profit climbs to €1.4 billion from previous €340 million The European Bank for Reconstruction and Development (EBRD) recorded a net profit of €1.4 billion in 2019, a sharp increase from the €340 million net profit in 2018. That performance, and its very prudent levels of capitalisation and liquidity, underscore the Bank’s financial ...
Deloitte expert: Romania should “save” its consumers not companies to save the economy
Monday, April 13, 2020
While the business environment in Romania is asking the state for a massive economic stimulus package worth about EUR 30 billion to save the local economy from recession amid the Covid-19 ...
ASF releases reference rates for mandatory motor vehicle liability insurance
Monday, April 13, 2020
The Financial Supervisory Authority (ASF) has published the reference rates for the mandatory motor vehicle liability insurance (RCA), in accordance with the provisions of Law No. 132/2017 on the mandatory motor vehicle liability insurance for damages caused to third parties following vehicle and tram accidents.According to the table released by ASF, the lowest RCA rate, of 691 lei, shall be charged on insured aged between 31 and 40 years old whose car has an ...
Indian billionaire buys the Romanian Credit and Investment Bank
Monday, April 13, 2020
Indian billionaire Sanjeev Gupta, who indirectly owns the biggest steel plant in Romania - the former ArcelorMittal Galati, has bought the Romanian Credit and Investment Bank (BRCI) from Romanian businessman Dorinel ...
Pension funds record average decrease of fund units of 6.7pct at March 30 over December 31, 2019
Monday, April 6, 2020
The mandatory private pension funds (Pillar II) in Romania have recorded an average decrease of the fund units by 6.7 pct at March 30, 2020, over December 31, 2019, according to a release of the Association for Privately-Administered Pensions of Romania (APAPR)."In the first three months of this year, this depreciation is on average -6.7 pct for the mandatory private pension funds (Pillar II) in Romania. This development is caused mainly by the decreases recorded ...
30pct increase in payments via SelfPay stations, in March
Monday, April 6, 2020
The volume of payments made through the SelfPay payment stations increased by 30pct, in March, compared to the similar period of last year, the category of payments that rose the most in total value being the home upkeep payment, with an advance of 114pct, show the data of the company that owns these points.According to centralized data, in the first spring month, the payments for utility bills increased by 50pct in the reference period, and payments for ...
Report: Investors put trust in EBRD regions
Monday, April 6, 2020
* Investments in EBRD regions rose to US$249.3 billion by Q2/2019 * New report finds growing importance of governance * Study concluded before current covid-19 ...
Advance of 29 pct-plus for all Romanian stock market indices at end of 2019
Monday, April 6, 2020
All the Romanian stock market indices ended 2019 on an upward trend, standing more than 29 percent higher year-over-year, and the blue-chip BET index, which reflects the evolution of the most traded companies on the regulated market of the Bucharest Stock Exchange (BVB) was up by about 35 percent from the year-ago period.According to a statement of the Financial Supervisory Authority (ASF), the BET-TR, the first total return index launched by BVB, closed the year ...
Isarescu: COVID-19-related liquidity tension peak over
Monday, April 6, 2020
The liquidity tension on Romania's market caused by the coronavirus outbreak is past its peak, the country's central bank BNR said. Currently, there are no blockages in meeting demand for cash in lei, BNR governor Mugur Isarescu said in a statement published on BNR's website on Tuesday evening. However, BNR recommends that businesses and the public make the most of cashless payment instruments, he added. The interruptions ...
Romanians abroad send less money to the country, cash transfer firm says
Monday, April 6, 2020
The volume of remittances sent by Romanians abroad to their families in the country have dropped, over the past month, to only 40% of the volume recorded in the same period last year, according to Valentin Daeanu, CEO of money transfer operator Smith&Smith, ...
FTSE Russell confirms Romania is to be included in FTSE Emerging Markets indices
Monday, April 6, 2020
Global index provider FTSE Russell announced during the March 2020 interim review a series of clarifications regarding the promotion of Romania to the status of Secondary Emerging Market, according to a press release of the Bucharest Stock Exchange.Based on the calculations of the Bucharest Stock Exchange (BVB) and the current values on the number of shares considered free float, at the end of March 2020, two Romanian companies are about to be included in the FTSE ...
CEC Bank launches full online banking services
Monday, April 6, 2020
Deloitte Romania and FintechOS have created and implemented the technical solution for full online banking products to be marketed by local state-owned lender CEC Bank. The “Bun Venit!” ["Welcome!"] package, which CEC Bank integrated with its own systems, was launched in March as part of a comprehensive project to digitize the products and services offered to clients in Romania and abroad, consultancy firm Deloitte ...
Banca Transilvania is skeptical about robust lending this year
Monday, April 6, 2020
Private lending in Romania will lose momentum to a nominal growth of 3.8% this year, down from 7.6% in 2019 - when the lending hit the highest growth in the past decade, according to Andrei Radulescu, director of macroeconomic analysis at Banca Transilvania, the country’s biggest ...
FinMin ponders seeking “unconditioned financing” from IMF, EBRD
Monday, April 6, 2020
Romania’s Ministry of Finance intends to first tap the local market for financing, them rely on the International Monetary Fund (IMF) and the European Bank for Reconstruction and Development (EBRD) - but under arrangement not including conditions [such as structural reforms or performance targets], for collecting the money needed to finance the fight against the new coronavirus (Covid-19) pandemic, finance minister Florin ...
Omniasig registered an increase of 11 percent of the gross written premiums in 2019
Monday, April 6, 2020
Omniasig Vienna Insurance Group continued its sustainable development strategy in 2019 as well and maintained its ascending evolution from the recent years, registering an increase of approximately 11 percent of the gross written premiums, compared to the previous year. In 2019, the company’s total value of the gross written premiums exceeded the amount of RON 1.3 billion while the registered gross profit, according to IFRS reporting standards ...
Deloitte and FintechOS, partners in CEC Bank’s digital transformation
Monday, April 6, 2020
Deloitte Romania and FintechOS have created and implemented the technical solution for the “Welcome” package, which CEC Bank has integrated with its legacy systems, allowing it to launch, in March, a complex project aimed at digitalizing the products and services provided by the bank to customers in Romania and abroad. The package can be accessed 100% online and includes a current account, a debit card and access to the Mobile Banking ...
Fitch revises CEE banking sector outlooks to negative over COVID-19 pandemic
Monday, April 6, 2020
Fitch Ratings said that it has revised to negative its outlook of the banking sector for the markets it covers in the region of Central and Eastern Europe (CEE), including Bulgaria, Croatia, Romania and Slovenia, due to the coronavirus disease (COVID-19) pandemic. The economic pressures resulting from the spread of the coronavirus are credit negative for CEE banks and could lead to negative rating actions, ...
Bittnet Group listed on Bucharest Stock Exchange holds virtual shareholders meeting
Monday, April 6, 2020
Romanian IT company Bittnet Group has announced that it will organize, on April 29, a completely electronic, online general shareholder’s meeting (GSM), for the first time in Romania. The company’s initiative comes in response to the governmental measures aimed at limiting the spread of the coronavirus (Covid-19) outbreak. During the GSM, investors will vote, among other things, on the distribution of dividends in ...
Companies get 5-10% bonus for paying Q1 profit tax on time
Monday, April 6, 2020
All Romanian companies subject to profit taxation will get a 5-10% discount, if they choose to pay their taxes for the first quarter’s profits by the legal deadline, namely by April 25, finance minister Florin Citu has announced. This will apply to taxpayers, such as freelancers, that pay quarterly taxes based on projected revenues and expenditures, subject to adjustment at the end of the year according to ...