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Financial & Banking
BNR drains EUR 1.3 bln excess liquidity from local banks
Monday, March 25, 2019
The Romanian central bank (BNR) has drained excess liquidity of RON 6.13 billion (EUR 1.3 billion) from the local banks on Monday, a move designed to support the national currency. It is the first move of this kind since January 21, a period when the Romanian currency was on steep depreciation trend. BNR drained the liquidity from 22 banks in its one-week deposit auction.“It is likely that banks retained some liquidity ...
Groupama recorded gross premiums of over RON 1 billion in 2018
Monday, March 25, 2019
The total volume of gross premiums recorded by Groupama Asigurari exceeded RON 1 billion in 2018, registering an increase of 8.7 percent compared to the previous year. At the same time, the company posted an operating profit of RON 44 million, but reported an IFRS contribution of RON 9 million, amid exceptional events that marked the insurance market in 2018. The company’s results are expected to be above the market rate in this period, ...
Banca Transilvania launches BT Open Banking, a platform that allows fintechs to test integration with bank services
Monday, March 25, 2019
fintechs and other technology companies to test integration with BT to present bank services, such as: online balancing, transaction history, and the initiation of transactions through external platforms to Banca Transilvania. PSD2 is a first step towards Open Banking and is a mandatory European directive for the banks in Romania, in the direction of the significant development of banking services. This implies the ...
Romanians now allowed to withdraw from Pillar II private pension funds
Monday, March 18, 2019
Individuals who have contributed to the Pillar II pension funds for at least 5 years will now be allowed to withdraw from the fund and the 3.75 percent of the social insurance payment total (25 percent of incomes) allocated for Pillar II will be directed to the public pension system, according to a new ANAF regulation that was recently published in the Official Gazette. The termination of the Pillar II contributions takes place in the month when the ...
ASF: the share in GDP of the private pensions went up to 5.22% in 2018
Monday, March 18, 2019
The share of the private pensions in the GDP went up, at the end of last year to 5.22% as compared to 4.84% in December 2017 while the value of the total assets in the administration at the level of the whole system of private pensions reached 49.60 billion lei (10.64 billion euro) up by 19.40% against the previous year, according to a press release of the Authority for financial supervision (ASF).On 31 December 2018 the highest share in the structure of the portfolio ...
Raiffeisen Bank International to reevaluate operations in Romania following GEO 114
Monday, March 18, 2019
Raiffeisen Bank International (RBI) will reevaluate its operations in Romania after the government imposed a new bank tax in a last-minute legislation in December, chief executive Johann Strobl announced on Wednesday, as quoted by Reuters. Raiffeisen holds EUR 8.97 billion euros, which is around 6 percent of its assets, in Romania. “We will need to reevaluate Romania,” Johann Strobl said in the ...
EU adopts tax haven blacklist
Monday, March 18, 2019
*The move triples the roster to 15 countries including Bermuda, the US Virgin Islands and the United Arab Emirates. EU finance ministers adopted a revised blacklist for tax havens outside the bloc, overcoming Romania’s bid to postpone a vote to May. The move triples the roster ...
EUR 50,000 funding for start-ups through Factory by Raiffeisen Bank
Monday, March 18, 2019
Entrepreneurship is the engine of economic growth in our country, says to 70 percent of the people according to an iVox study that also show shows 50.6 percent would like to become entrepreneurs and 34 percent Romanians who are employed are considering starting their own business provided they receive funding from a bank. According to a study by iVOX at the beginning of March, 70 percent of Romanians believe that entrepreneurship is the engine of ...
JC Flowers in talks for Leumi Bank’s Romanian subsidiary
Monday, March 18, 2019
U.S. investment fund JC Flowers, founded by a former Goldman Sachs executive, has entered into talks with Israeli Leumi Bank for its Romanian subsidiary, according to unofficial sources quoted by ...
Euler Hermes Report : Romania ranks among the particularly vulnerable countries to global slowdown, external financing
Monday, March 18, 2019
Romania ranks among the countries considered “particularly vulnerable” to a global slowdown and to external financing problems, according to a Euler Hermes report. Experts identified those countries with large current account deficits and Romania is considered with high risk regarding external liquidity, moderate risk regarding debt and significant risk regarding economic policy. From this perspective, the most ...
ING Bank Romania’s 2018 net profit up by 39 percent to RON 685 million
Monday, March 18, 2019
ING Bank Romania celebrates 25 years of presence on Romanian market, period in which it grew from a team of 5 people and a computer with no network connection to a market share of 10.1 percent and 1.5 million customers. ING recorded a net profit of RON 685 million in 2018, up by 39 percent, compared to 2017 when it made a net profit of RON 493 million. “In 2018 we recorded the highest growth so far in Romania. Over the ...
PwC survey: If tax on assets is enforced 5 years, the banks will recover the loses in 37 years
Monday, March 18, 2019
If the tax on banks’ financial assets, as provided by the Emergency Ordinance 114/2018, is enforced at the level of 1.2% for five years, the banks will recover the costs in 37 years, a survey conducted by PwC reveals. “If the tax is enforced one year, the recovery of losses will be made in five years, if enforced three years the recovery will be complete in 16 years and if enforced five years the recovery of losses will last 37 ...
EY Romania: Telecom operators warn GEO 114 might put at risk investments and mobile communication service
Monday, March 18, 2019
The telecom operators believe the level of taxes set for the telecom industry by Emergency ordinance 114/2018 may put at risk the investments in developing the electronic communication networks as well as the mobile communication services, Alex Milcev with EY Romania says in a company release on Friday. “Starting in 2019, the telecommunication companies in Romania face a new challenge – GEO 114.2018. GEO 114 brings amendments to the ...
EIB Group support worth 1.3 bln euro for Romanian projects in 2018
Monday, March 11, 2019
The European Investment Bank Group (EIB Group), comprising the European Investment Bank (EIB) and its subsidiary, the European Investment Fund (EIF), provided 1.311bn euro in loans, guarantees, equity and microfinance operations in Romania in 2018, Minister of Public Finance Eugen Teodorovici told a press conference on Wednesday."Just like in the previous years, in 2018 too EIB Group has shown that it brings added value in the various stages of the economic cycle, ...
Euroins acquires Germany’s ERGO subsidiaries in Romania, the Czech Republic and Belarus
Monday, March 11, 2019
Bulgaria-based Euroins Insurance Group AD (EIG), an insurance group in the CEE/SEE/CIS region, owned by Eurohold Bulgaria, has agreed to take over four insurance companies in three European countries – Romania, the Czech Republic and Belarus. All the companies to be acquired are subsidiaries of Germany-based ERGO, one of the major insurance groups in Europe and part of Munich Re, one of the world’s leading reinsurers and risk carriers. ?IG ...
Moody’s improves ratings for Alpha Bank Romania’s long-term deposits
Monday, March 11, 2019
Moody’s Investors Service has revised upwards the ratings for long-term deposits in foreign and domestic currency of Alpha Bank Romania (ABR) from ‘Ba3’ to Ba2’ as well as the rating for financial soundness (BCA) from ‘b2’ to ‘b1’, a release from the rating agency informs. Alpha Bank Romania’s ratings for short-term deposits have been confirmed at ‘Not Prime’. The ...
Financial services: Commission urges ROMANIA to apply rules on payment services
Monday, March 11, 2019
The Commission decided to send formal requests to Romania to fully enact the second Payment Services Directive ...
Pension fund managers willing to discuss investment options with Romania's Govt.
Monday, March 11, 2019
The seven pension fund managers handling the EUR 10 billion worth of assets accumulated in the 2nd pillar of Romania’s pension system said in a public message, after negotiations held with the Romanian authorities on March 5, that they are ready to “enlarge their investment universe” and include the projects suggested by the ...
BNR Governor Mugur Isarescu met Governor of the People's Bank of China Yi Gang
Monday, March 11, 2019
Governor of the National Bank of Romania (BNR) Mugur Isarescu, on February 28 - March 5, paid an official visit to the People's Republic of China, answering thus to an invitation extended by Governor of the People's Bank of China Yi Gang , according to a press release of the BNR.On the occasion of this visit, the BNR delegation carried out meetings with the leadership of the People's Bank of China and that of the Asian International Infrastructure ...
OTP Bank Romania’s financial results for 2018: a 25% profit advance than in the base period
Monday, March 11, 2019
OTP Group announced an after-tax profit of RON 55.3 million (HUF 3.9 billion) in 2018, according to the report published in Budapest, which presents the consolidated result adjusted in accordance with the Group reporting standards. The bank registered a profit increase of 25% compared to 2017, as a result of a better operational profit. The performing loan volumes, FX-adjusted, increased by 14%, supported by robust mortgage and SME lending dynamics. ...