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Financial & Banking

Deloitte Romania: developments in financial markets are almost impossible to predict at this time

Monday, March 16, 2020

* The coronavirus crisis is in full development around the world. This means that developments in financial markets are almost impossible to predict at this time. The comparison with the financial crisis of 2008 can work to a point, if we only refer to the financial losses generated by the coronavirus, shows an analysis Alexandra Smedoiu, Fiscal Services partner at Deloitte Romania. The only certainty at the ...

EBRD unveils €1 billion emergency coronavirus financing package

Monday, March 16, 2020

Bank stands ready to do more  The EBRD has unveiled an emergency €1 billion “Solidarity Package” of measures to help companies across its regions deal with the impact of the coronavirus pandemic, a press release reads. This is an initial response to the crisis and the Bank stands ready to do more if and when needed. The proposals were approved today by ...

Generali will create a fund of up to 100 million euro to combat the crisis COVID-19

Monday, March 16, 2020

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The Board of Assicurazioni Generali approved the creation of an International Extraordinary Fund up to 100 million euro dedicated to the fight against the emergency situation COVId-19 at international level.According to a press release given on Friday, the fund will help firstly Italy, but it will be available to other countries where Generali activates. As part of the plan, a first part of up to 30 million  euro will be available to support the emergency ...

MPF borrowed over 13 billion lei from banks in the first two months of 2020

Monday, March 16, 2020

The Ministry of Public finance borrowed from banks 13.053 billion lei in the first two months of 2020, and 3 billion euros from foreign markets. MPF borrowed from banks 5.378 billion lei in January, the equivalent of 1.12 billion euros at the average leu- euro exchange rate of January calculated by the National Bank of Romania. 615 million lei, the  equivalent of 128.7 million euros are added to that. On January 21, Romania borrowed 3 billion ...

ASF closely monitors developments on Romania's capital market, insurance market and private pension market

Monday, March 16, 2020

The Financial Supervisory Authority (ASF) is closely monitoring the developments on the capital market, the insurance market and the private pensions market of Romania, in the context generated by the effects of the COVID-19 epidemic, the institution informed on Thursday."The measures which the ASF adopted are firstly aimed at the stability of markets and the consumers' protection of non-banking financial markets," Director of the Strategy and Financial Stability ...

Arrears to general consolidated budget up 11.45 pct in January 2020

Monday, March 16, 2020

Arrears to the general consolidated budget were 11.45 percent up this January to 152.03 million lei from 136.41 million lei in December 2019, shows data released on the website of the Public Finance Ministry.Arrears more than 90 days past due increased by 24.5 percent from 44.9 million lei to 55.9 million lei; arrears more than 120 days outstanding increased from 41.5 million lei in December 2019 to 44.7 million lei in January 2020, and those over 360 days past ...

Foreign shareholders injected more than 6 ml euros in NBFIs' equity this January

Monday, March 16, 2020

Foreign shareholders have injected this January over 6 million euros in non-banking financial institutions (NBFIs) through capital increases, shows data provided by the National Trade Register Office (ONRC).The largest capital injection was that by the foreign shareholders of Business Microcredit IFN SA - a 4.97-million euro contribution; the Guarantee and Credit Fund IFN SA had its share capital boosted by 627,700 euros, ONRC saidMikro Kapital IFN SA ...

CEC Bank clients can now open 100% online accounts, from Romania or abroad

Monday, March 16, 2020

CEC Bank, the longstadning Romanian financial institution, launches the new „Welcome” package, through which clients can now open new 100% online accounts, even if they are in Romania or abroad. The „Welcome” package includes a checking account, the issuing of a debit card, and access to Mobile Banking. The checking account and accessing Mobile Banking will be instantly activated, after completing the online register process, ...

Eurohold to take over only one Romanian subsidiary of Ergo

Monday, March 16, 2020

The insurance groups Ergo of Germany and Eurohold of Bulgaria have taken Ergo Life Insurance Romania out of their regional deal while keeping Ergo Insurance Romania in the package of subsidiaries subject to the takeover ...

Romania's active mandatory home insurance policies advance to 1.75 ml this February

Monday, March 16, 2020

The number of active mandatory home insurance policies was 2.61 percent up in February 2020 from the year-ago period to roughly 1.75 million, as to 1.70 million policies as of February 28, 2019, according to statistical data of the Natural Disaster Insurance Pool (PAID), the company that provides this type of insurance. There were 1.73 million active policies as of December 31, 2019.According to PAID, home insurance policies taken out in urban areas accounted for ...

Romanian capital market closes down almost 9 pct first two months of year

Monday, March 16, 2020

The Romanian capital market registered a 8.6 pct decline in the first two months of the year, after the BET index reached the maximum of the last 12 years, and the BET-TR index reached new historic highs, according to a press release of the Bucharest Stock Exchange (BVB).At the end of February, the market value of the Romanian companies listed on the BVB was about RON 100 billion lei, the equivalent of EUR 20.6 billion.According to BVB, the Romanian ...

UniCredit’s Romanian subsidiary repatriates 80% of its net profit

Monday, March 16, 2020

UniCredit Bank, the Romanian subsidiary of Italian UniCredit group, will distribute dividends worth RON 449 mln (EUR 93.5 mln), almost 80% of the RON 573 mln (EUR 119 mln) net profit achieved in ...

OTP’s Romanian subsidiary boasts 65% higher profit in 2019

Monday, March 16, 2020

OTP Bank, the Romanian subsidiary of the largest banking group in Hungary, reported that its net profit increased by 65% in 2019 compared to 2018, to RON 92 million (some EUR 20 mln). The result does not include the RON 5.4 mln tax on bank assets paid in 2019. The bank’s total assets reached RON 13.8 billion (EUR 2.88 bln) at the end of 2019, 24.3% more compared to the end of 2018. OTP Bank Romania reported a 17% increase ...

Number of investors at the Bucharest Stock Exchange continues to decline

Monday, March 16, 2020

The number of trading accounts active on the Bucharest Stock Exchange reached 53,550 at the end of 2019, down by 1% compared to the previous year, according to data from the Fund for Investor Compensation (FCI) consulted ...

BNR: International reserves – February 2020

Monday, March 9, 2020

On 29 February 2020, the National Bank of Romania’s foreign exchange reserves stood at EUR 35,830 million, compared to EUR 35,505 million on 31 January 2020. During the month, the following flows were recorded: EUR 1,371 million worth of inflows representing changes in credit institutions’ foreign currency-denominated required reserves, inflows into the Ministry of Public Finance’s accounts, inflows ...

EC : Romania, under Excessive Deficit Procedure

Monday, March 9, 2020

The European Commission (EC) has officially notified Romania about opening the Excessive Deficit Procedure (EDP) as a result of the country exceeding the 3%-of-GDP public deficit threshold in 2019. The Commission instructed Romania to follow a fiscal consolidation path in line with the Romanian Government’s public deficit targets of 3.6%-of-GDP in 2020, 3.4%-of-GDP in 2021 and 2.8%-of-GDP in 2022. Such performance is consistent with annual ...

Hidroelectrica re-launches tender to find IPO adviser

Monday, March 9, 2020

Hidroelectrica, the largest producer of electricity and the most profitable state-owned company in Romania, re-started the auction for the EUR 1.75 million contract for consultancy services needed for listing its shares on the Bucharest Stock Exchange ...

Tech Start-Up: Connections Launches Banknit Fintech Platform

Monday, March 9, 2020

Connections, digital transformation company in Romania, Bulgaria and Serbia, has announced the launch of the fintech start-up Banknit, a platform that integrates and displays, under a single API, the data provided by banks, in accordance with the Revised Payment Service European Directive (PSD2). Banknit offers the possibility to integrate the benefits provided by the open banking concept into ...

Norofert starts trading on Bucharest Stock Exchange

Monday, March 9, 2020

The shares of Norofert, the largest Romanian producer of organic fertilizers, started trading on the AeRO market of the Bucharest Stock Exchange (BVB) on March 3. The average trading price in the first trading session puts the company's market capitalisation at about RON 24.2 mln (EUR 5 mln), 21% over the valuation of the company in July 2019, when it raised RON 7.25 mln (EUR 1.5 mln) in a private placement. "This listing was ...

Libra bank issues EUR 10 mln bonds to finance expansion

Monday, March 9, 2020

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Libra Internet Bank, a small Romanian lender with a focus on liberal professions, real estate, agribusiness, and SMEs, announced that it plans to carry out a private placement of bonds in amount of EUR 10 mln (or more, depending on demand), to be later listed on the Bucharest Stock Exchange (BVB). The subordinated bonds will have a maturity of 10 years and the placement will be managed by local brokerage firm Tradeville. "As ...

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