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Financial & Banking

FinMin participated at te ECOFIN meeting

Monday, September 10, 2018

Romania has argued in favour of ensuring the geographical balance in the allocation of funds within the InvestEU programme and underscored the need for simplification and streamlining in view of the members states' accessing this programme, a press release of the Public Finance Ministry sent on Sunday informs. According to the cited source, the relevant minister, Eugen Teodorovici participated on Saturday in Vienna, in the second session of the informal ...

Romanian bank put up for sale once again

Monday, September 10, 2018

Greek group National Bank of Greece (NBG) has put up for sale its Romanian subsidiary Banca Romaneasca once again after the failed transaction with Hungarian group OTP, ...

Two top insurers in Romania see 9% increase in revenues in first half

Monday, September 10, 2018

Groupama Asigurari, the local subsidiary of French insurance group Groupama, and Omniasig VIG, one of the main local companies of Austrian group Vienna Insurance Group (VIG), recorded 9% increases in gross premiums in the first half of this year. Groupama reached gross premiums underwritten worth RON 504 million (EUR 108 million), up 9.3% over the first six months of 2017. The company’s life insurance business went up by 20%, to RON 21 million ...

WB: Connections Beyond Trade Crucial for Economic Growth in Europe and Central Asia

Monday, September 10, 2018

 International connectivity through trade, investment, migration, communications, and transport is critical to economic development in Europe and Central Asia. These connections work together to help firms become more productive through knowledge and technology transfers, says a new World Bank ...

Analysis: Greeks are leaving Romania’s banking system, pushed away by crisis at home

Monday, September 10, 2018

A decade ago, the Greek banks were controlling 17 percent of Romanian banking assets, and their business here was flourishing. Now, only two banks are still under Greek control, but one of them will soon be transfer into other hands, http://business-review.eu reads. In 2008, five Greek banks were operating in Romania: Alpha Bank, Bancpost (owned by Eurobank), Piraeus Bank, Banca Romaneasca – National Bank ...

OMNIASIG posts over 9% increase of the gross written premiums in the first half of the year

Monday, September 10, 2018

OMNIASIG Vienna Insurance Group announced the registered gross written premiums for the first half of 2018 had increased with more than 9% compared to the same period of 2017, thus consolidating its position on the Romanian general insurance market, a press release informs quoted by romaniajournal.ro.. In the first semester of this year, the company registered gross written premiums of over RON 558 million, a value which is more than 9% higher, ...

Sphera and Purcari join BET index which now includes 15 companies

Monday, September 10, 2018

Bucharest Stock Exchange (BVB) increases from 13 to 15 the number of ...

Budget deficit for 7 months was 11.9 billion lei, 1.26% of GDP

Monday, September 3, 2018

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According to operative data, the execution of the general consolidated budget in the first 7 months of 2018 ended with a deficit of 11.9 billion lei, that is 1.26% of GDP, according to a Finance Ministry press release, issued on Thursday. Budget incomes of 160.8 billion lei, representing 17% of GDP, are 13.9% higher in nominal terms, compared to the same period of 2017. “Increases are registered compared to the previous ...

BNR: the rate of non-performing loans dropped to 5.71% at half-year

Monday, September 3, 2018

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After a drop of almost 31.4% from year to year the rate of non-performing loans dropped to 5.71% according to the ABE methodology at the end of Q1 this year, show the data presented by  the National Bank of Romania – BNR. As compared to the end of Q1 this year, the rate was  reduced with 7.3% and against the end of last year dropped by 10.9% according to the data of  the central bank. According to the ...

The net cumulated profit of the banks in Romania grew by 33% in the first half of the year

Monday, September 3, 2018

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The net profit of the local banking system cumulated without being offset losses  grew by 33% to 3.6 billion lei in Q1 this year against the same period of last year,  the most profitable historic quarter, show the data published by the National Bank of Romania. The result was due to the growth of lending and the clean-up of the portfolio. The value of the assets increased by 9% at the end of June against ...

Aegon Romania reported gross written premiums of RON 40 million in H1 2018

Monday, September 3, 2018

Life insurance company Aegon Romania, part of the international financial group Aegon, concluded the first semester in 2018 with a volume of the gross written premiums from the bancassurance business with its current partners of about RON 40 million, up 14 percent by S1 2017, http://business-review.eu informs. For the end of 2018, representatives of Aegon Romania forecast a cumulative ...

ANAF sees in July highest monthly revenue in history, of RON 26.8 bln

Monday, September 3, 2018

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Tax administration agency ANAF said it collected RON 26.8 billion worth of taxes in July, the highest monthly revenue so far, and exceeded by RON 3 billion the cash plan of the Ministry of Financev , http://business-review.eu reports. Compared with July last year, the revenues raised by ANAF for the state are higher by RON 5 billion and as effect the deficit decreased from 1.6 percent ...

EY Romania experts on cryptocurrency regulation, ICO potential for startups

Monday, September 3, 2018

Business Review has spoken to experts at EY Romania, the professional services firm, about the challenges of regulating cryptocurrencies and the role of Initial Coin Offerings (ICO) in helping entrepreneurs secure funding for their startups, http://business-review.eu reads. Are we going to see any attempts to regulate cryptocurrencies in Europe in the foreseeable ...

Alpha Bank Romania to get EUR 40 million to support SMEs from Black Sea Trade and Development Bank

Monday, September 3, 2018

The Black Sea Trade and Development Bank (BSTDB) is increasing the availability of financing to small and medium enterprises (SMEs) in Romania with a EUR 40 million SME Facility to Alpha Bank Romania, http://business-review.eu informs. The Facility will be used to finance investment and working capital needs of industrial, production, agricultural or service-related SMEs in the country.  “Assisting ...

VIG result for H1 2018 up by +5.5 pct to around EUR 233 million, despite impairment in Romania

Monday, September 3, 2018

Vienna Insurance Group’s (VIG) result (before taxes) in the first half of 2018 increased by +5.5 percent compared to the previous year to EUR 232.7 million, the group announced on Tuesday, quoted by romaniajournal.ro. The increase was primarily due to improvements in the combined ratio and financial result. Contributions from the Czech Republic, Hungary and Serbia largely accounted for the significant increase in the result in the first half of ...

Romania’s banks post 10-year high profit rate in Q2 2018 on lower NPLs

Monday, September 3, 2018

The 35 banks operating in Romania have registered in the second quarter of this year the highest profit rates in the last decade, as improved credit demand combined with low NPL rates have boosted earnings, central bank data show quoted by http://business-review.eu. The return on assets (ROA) key-index jumped by 22 percent in June compared with mid-2017, to 1.66, the highest level since September 2008, according to central ...

BNR: Balance of loans to companies and population up 0.4 pct in July 2018

Monday, August 27, 2018

The balance of the non-government loans granted by the credit institutions increased in July 2018 by 0.4 per cent (0.9 per cent in real terms) compared with June 2018, up to the level of 243.337 billion lei, according to data released by the National Bank of Romania (BNR) on Friday."Loans granted in lei increased by 0.8 per cent (1.3 per cent in real terms) and foreign currency loans expressed in lei decreased by 0.5 per cent (expressed in euros, loans in foreign currency ...

Deposits of non-government resident customers decline 0.8pct in July 2018

Monday, August 27, 2018

 Deposits of non-government resident customers went down 0.8 percent month on month to 310,409.5 million lei in July 2018. At end-July 2018, deposits of non-government resident customers grew by 10.9 percent (6.1 percent in real terms) over the same year-ago period, according to data posted on Friday by the National Bank of Romania (BNR). RON-denominated household deposits moved up 0.4 percent to 114,853.0 million lei. At end-July 2018, household deposits in domestic ...

Romania, the second country in CEE that attracted the largest private equity investment in 2017, Invest Europe data shows

Monday, August 27, 2018

Private equity and venture capital investment into companies in Central and Eastern Europe (CEE) reached a record EUR 3.5 billion in 2017, new data from Invest Europe reveals quoted by romaniajournal.ro. A 113% year-on-year increase, this amount surpasses the region’s previous peak in 2008 by 40%, according to the industry association’s Central and Eastern Europe Private Equity Statistics 2017 report, which also shows strong results across fundraising and exits. ...

SIFs' end-July market capitalization at 5 bln lei, assets worth 8.57 bln lei

Monday, August 27, 2018

The market capitalization of the five Financial Investment Companies (SIFs) was near 5 billion lei at the end of July, down 0.1 pct compared to June, while their net assets amounted to an aggregate 8.57 bln lei, up 1.3 pct from the figure registered at the end of June. According to a release of Romania's Fund Managers Association (AAF), expressed in euro, the SIFs' end-July capitalization was 1.1 billion, 0.6 pct higher than in the previous month, and their net assets were ...

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