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Financial & Banking

Javier Montes Pita appointed head of retail ING Romania

Monday, February 12, 2018

Javier Montes Pita, currently executive VP Retail Customers in ING Spain, has been appointed head of retail ING Romania, replacing Daniel Manibardo Llano, who has been appointed head of retail at ING DiBa in Germany, business-review.eu informs. With an experience of 17 years in ING Group, Pita has been client intelligence manager at ING direct head office. The vision of Daniel Llano influenced the approach of our ...

Intesa Sanpaolo Bank Romania tripled its net profit in 2017

Monday, February 12, 2018

Intesa Sanpaolo Bank, the Romanian subsidiary of Intesa Sanpaolo, one of the most solid banks in the Euro Zone, has recorded an operating income of RON 154 million and a net profit of RON 43 million in 2017, three times higher than in 2016, business-review.eu informs. The strategic market positioning of Intesa Sanpaolo Bank as fully specialized bank focused on the Corporate and SME business segments contributed to its overall performance last year. As ...

Romania's anti-trust body considering Banca Transilvania takeover of Eurobank's units

Monday, February 12, 2018

Romania's competition authority said on Tuesday it is considering the recently agreed deal for the acquisition of Greece's Eurobank Romanian units by Banca Transilvania , seenews.com informs Banca Transilvania announced in November it has reached an agreement with Eurobank Ergasias for the takeover of the Greek bank's subsidiaries in Romania for an undisclosed sum. "In order to determine the concentration compatible with a ...

Romania’s business environment reels from “fiscal revolution”

Monday, February 12, 2018

After the authorities unleashed a raft of major fiscal changes at the end of last year, likened by some pundits to a storm, large companies and smaller business owners alike were left with only a short time to amend their business plans following the transfer of social contributions from employers to employees, the approval of the split VAT system and the reduction of income tax from 16 to 10 percent, business-review.eu reads. Romania’s fiscal ...

BVB's Anghel: There is fiscal discrimination between financing through banking loan and bonds issue

Monday, February 12, 2018


Romanian companies must be encouraged to acquire competitors from other countries, for right now there is a fiscal discrimination between financing through banking loan and new bonds issues, says Lucian Anghel, head of the Bucharest Stock Exchange (BVB)."An idea would be to encourage Romanian companies which, in order to sponsor their capital base, to invest, acquire competitors from other countries, the same as other foreign companies are doing in Romania too, ...

Romanians in the diaspora have transferred EUR 57 M last year

Monday, February 12, 2018

Romanians traded over EUR 57 million last year via the online TransferGo service, up 60 percent year-on-year, as a press release informs quoted by romaniajournal.ro. Romanian communities in Europe have monthly made over 11,000 transfers in 2017, a 40 percent increase over the previous year. The average value of each transaction was over EUR 420, 55 percent of all transactions being made through the app. ”TransferGo is now ...

Anghel (OTP Asset Management): Romanians save inefficiently, although they have much money on the side

Monday, February 5, 2018


Romanians save inefficiently, although they save more than before the crisis and they prefer the national currency, said Adrian Anghel, sales manager at OTP Asset Management, at a press conference. “We see a preference for the national currency when it comes to savings. Maybe the higher interest rates encourage Romanians to make savings in lei, but inflation estimates are growing. Romanians save but do it inefficiently as they do not choose the ...

New BVB CEO’s main goal: to make the stock exchange reach its maximum potential in terms of turnover

Monday, February 5, 2018

Bucharest Stock Exchange (BVB) will keep on developing the infrastructure and the environment to reach its maximum potential so that Romania is promoted to the Emerging Market status as a consequence of these developments, Adrian Tanase said at the first press conference held as CEO of BVB, romaniajournal.ro reports. According to him, the first direction comes from listings, meaning from the increase in the number of listed ...

Isarescu: Romania has significant regional discrepancies in terms of development

Monday, February 5, 2018

The Governor of the Romanian National Bank, Mugur Isarescu, said on Monday that investments need to be prioritised so as to support economic growth, and that forcing growth will lead to the creation of imbalances and tensions, according to hotnews.ro quoted by business-review.eu. “Investments in infrastructure (education, health, and roads) have not only an economic role, but also a social one. Romania has the biggest regional disparity among EU ...

EBRD invests over half a billion euros in Romania in 2017

Monday, February 5, 2018


The European Bank for Reconstruction and Development (EBRD) invested over half a billion euros in the Romanian economy in 2017, finchannel.com informs. The Bank supported 29 projects with €546 million of debt and equity investments last year. Of this financing, 93 per cent was provided to the private sector. Last year’s investment was close to the seven-year high mark of €612 million, provided in 2012. Equity investment reached an ...

EurActiv: On finance, ‘Think Sustainability First’

Monday, February 5, 2018

‘Think Sustainability First’ must be a principle that guides financial policymaking through this decade and the next if Europe is to have the means to match its global ambitions, writes Arlene McCarthy for euractiv.com. Arlene McCarthy is a member of the European ...

Energean Signs US$180 million RBL Facility with EBRD, BSTDB, EximBank Romania

Monday, February 5, 2018

Energean Oil & Gas has announced that it has signed a reserves-based senior facility agreement, amounting to US$180 million, with the European Bank for Reconstruction and Development, the Black Sea Trade and Development Bank, the Export-Import Bank of Romania EximBank SA and Banca Comerciala Intesa Sanpaolo Romania S.A, HSBC acting as the agent bank, oilfieldtechnology.com reads. This Agreement is an extension to the existing US$75 million loan ...

Garanti Group sees highest profit ever in Romania

Monday, February 5, 2018


Garanti Group Romania, which is part of Turkish group Garanti, recorded a consolidated net profit of EUR 31.4 million in 2017, its best result since operating on the local market, romania-insider.com reads. The group’s consolidated net revenues reached EUR 136 million and the total assets went up by 13%, to EUR 2.48 billion. “2017 was our best year in Romania and we have a ...

EBRD partners with Libra Internet Bank to support expansion of Romanian businesses

Monday, February 5, 2018

* €15 million loan for small and medium-sized enterprises The EBRD is providing a €15 million loan to Libra Internet Bank, its newest partner lender in Romania, to increase its support for ...

MFP: Budget deficit, according to ESA, maximum 2.8% for 2017

Monday, January 29, 2018


Romania has a budget deficit of maximum 2.8% of GDP for 2017, according to the European supervisory authorities (ESA), and for cash it is 2.96% of GDP, the Ministry of Public Finance declared after hearing in the Senate Economic Commission. “We are in a deficit of 2.8% according to ESA, in conditions when the target assumed at the beginning of the year was 2.96%. The cash deficit is 2.96%, when the target was 2.98% at the beginning of the year. ...

APS acquires one of the largest non-performing loan portfolios in Romania

Monday, January 29, 2018

A non-performing loan portfolio worth around EUR 360 million, formerly owned in Romania by Alpha Bank, has been acquired by funds counselled by APS Investments together with Deutsche Bank and funds counselled by AnaCap, business-review.eu reads. The Czech company APS, regional leader in the claims sector, is strengthening its position in the Balkans and will manage this non-performing loan portfolio through its Romania ...

Outstanding repayments for lei loans - down 12.5% in December 2017 from previous month

Monday, January 29, 2018

 The total value of outstanding retail and corporate loans, recorded in December 2017, amounts to 4.78 billion lei, down 12.5% from the amount reported in November 2017, and the outstanding repayments for foreign currency loans decreased 29.81% to 4.38 billion lei (equivalent), according to a report of the National Bank of Romania (BNR).Total lei loans stood at 146,038 billion lei (by 0.10% more than in the previous month), of which 61.8 billion lei in ...

Eurostat: Romania ranks 5th in EU by government debt drop in Q3 2017

Monday, January 29, 2018

 Romania's government debt accounted for 35.7 per cent of the GDP at the end of the third quarter of 2017, coming down from 36.3 per cent of the GDP recorded in the similar period in 2016, show data published by the European Statistical Office (Eurostat).Compared with the 3rd quarter of 2016, three EU member states recorded increases in their government debt over July-September, as GDP percentage, while for 24 member states (including Romania) the government ...

Garanti Bank grants 14 mln lei (3 mln euro) loan to Romania's Softronic

Monday, January 29, 2018


Garanti Bank Romania, part of Turkish financial group Garanti, said on Thursday it has granted a 14 million lei ($3.7 million/3 million euro) loan to Romanian electric trains and locomotives producer Softronic, seenews.com reports. Softronic will use the loan to finance the production of its electrical multiple unit train Hyperion 3, the bank said in a press release. The new train will be launched in the second half of ...

Cetelem IFN to merge with BNP Paribas Personal Finance

Monday, January 29, 2018

Romanian non-banking financial institution Cetelem IFN on Thursday announced its merger with its sole shareholder BNP Paribas Personal Finance, and transformation into a branch of the Bucharest-based bank, seenews.com informs. The transformation process will be completed on March 1, after which Cetelem IFN will continue commercial activity in Romania under the brand Cetelem, it said in a press release. The move is aimed at ...

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