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Financial & Banking

Alpha Bank Romania launches EUR 1 bln mortgage bonds

Monday, April 15, 2019

Greek-owned Alpha Bank Romania is the first local bank to issue a mortgage bond with a target volume of EUR 1 billion. The lender intends to raise EUR 200 million under the first tranche of the issue, to be launched soon. The bank plans to list the bonds on both the Luxembourg Stock Exchange and the Bucharest Stock Exchange. "We are pleased to announce the launch of the first mortgage bond program in Romania after we launched ...

Study: Most Romanians think debt is a problem that needs solving as soon as possible

Monday, April 15, 2019

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Over 70 percent of Romanians think debt is a problem that needs to be solved as quickly as possible, while 15 percent think it is a minor problem for which a solution will be found, according to a study analyzing the attitude towards money and the financial behavior of the Romanian consumer. In terms of ...

Omniasig’s 2018 gross profit was RON 40.5 million

Monday, April 15, 2019

Omniasig Vienna Insurance Group recorded an increase of 11 percent of the subscribed premiums at the end of 2018, in line with steady increases over the year. The total volume of gross premiums written was RON 1.172 billion. In the same period, the company recorded a 4 percent increase in the total amount of compensation paid. The Property Insurance segment recorded a 6 percent increase in premiums written compared to the previous year, reaching almost ...

Fitch has revised the rating outlook for BCR and BRD, following the amendment to Ordinance 114/2018

Monday, April 8, 2019

Fitch Ratings has on Wednesday affirmed the Long-Term IDRs of Banca Comerciala Romana S.A. (BCR) and BRD-Groupe Societe Generale S.A. (BRD) at ‘BBB+’ and revised their Outlooks to Stable from Negative. Fitch has also affirmed the Viability Ratings (VRs) of BCR and Banca Transilvania S.A. (BT) at ‘bb+’, of UniCredit Bank S.A. (UCBRO) at ‘bb’, of Garanti Bank S.A. (GBR) at ‘bb-‘, of ProCredit Bank S.A. (PCBRO) at ‘b+’, ...

EY : Tax on financial assets, significantly reduced, less dramatic impact on banking system

Monday, April 8, 2019

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The tax on the banks' financial assets has been significantly reduced, having a less dramatic impact on the banking system following Friday's amendment of Ordinance 114, according to Partner and Leader of Tax and Legal practice of EY Romania Alex Milcev.As a matter of fact, according to Milcev, the most radical changes aim the tax on the financial assets of credit institutions, which was almost completely rethought following the bill amending Ordinance 114 adopted ...

Speech by Vice-President Dombrovskis at the Eurofi High-level Seminar 2019 - Bucharest, Romania

Monday, April 8, 2019

Bucharest, 4 April 2019 Ladies and Gentlemen, It is a pleasure to be here in Bucharest – thank you to Eurofi for inviting me once again. Or as they say in Romanian: Multumesc! I also want to say multumesc to Romania for their skilful Presidency of the EU Council since the beginning of the year.  In its first 12 weeks, the Romanian presidency closed an impressive 60 legislative files and reached ...

FinMin Teodorovici: Romania has a well-established plan in regards to switching to euro; goal to be achieved in 2024

Monday, April 8, 2019

 Romania has a very well-established plan in terms of switching to euro currency and the goal clearly remains the year 2024, Public Finance Minister Eugen Teodorovici stated on Friday in the preamble of the Eurogroup meeting and the informal meeting of finance ministers (the Economic and Financial Affairs Committee - ECOFIN) organised in Bucharest, between 5 and 6 April."Romania has set out a clear objective [to switch to euro currency] the year 2024. Even if ...

WB:As Growth Slows in Europe and Central Asia, Financial Inclusion Can Play Key Role Addressing Long-Term Challenges

Monday, April 8, 2019

 Economic growth in the Europe and Central Asia region slowed to 3.1% in 2018, and is projected to decline to 2.1% in 2019, amid slowing global growth and uncertain prospects, according to the World Bank’s Economic Update for Europe and Central ...

CEG: 1.7 billion euro could be injected in Romanian economy if fiscal and legislative predictability existed

Monday, April 8, 2019

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About 1.7 billion euro could represent the profit of companies with foreign capital in 2018 which may be injected in economy in 2019, but the decision depends on the fiscal and legislative predictability, according to Oana Motoi, Managing Partner, Cromwell Evan Global (CEG). The financial consultant quotes statistic information published by the National Bank of Romania in the report on direct foreign investments in Romania for 2017, according to which, ...

Libra Bank launches its first version of Open Banking for business using KEEZ concept

Monday, April 8, 2019

Libra Internet Bank has launched its first version of internet banking that addresses accounting firms that use the bank’s platform to automatically take over the balances and transactions history of its customers (other companies that prior to granting these access rights to the accounting firm). “We are already recognized as one of the most innovative banks in Romania and we continue to develop online ...

Government passes changes to OUG 114

Monday, April 1, 2019

PM Viorica Dancila said at the beginning of Friday’s government meeting that changes to OUG 114 would be passed today though a new emergency ordinance, containing updates to several of the most controversial provisions of OUG 114, mostly related to banking, energy and private pensions. In December 2018, the Romanian government introduced new fiscal regulation and taxes for banking, telecom, energy and the private pensions sector through OUG 114, ...

FinMin Teodorovici: no opinion received from ECB on GEO 114

Monday, April 1, 2019

The Finance minister, Eugen Teodorovici, stated that the amendments to OUG 114 had the approval of the National Bank of Romania (BNR), while the European Central Bank had been “informed” of this issue. “There is agreement on the entire set of proposals, we have the endorsment from the BNR, and there has been consultation with all the players in the market, including the Romanian Banking Association. The European Central Bank was ...

BNR : Bank loans cannot become cheaper by government decree

Monday, April 1, 2019

Bank loans in Romania cannot become cheaper by government emergency decree, according to a central bank official. Adrian Vasilescu, an adviser of the central bank governor Mugur Isarescu, has commented a proposed emergency decree of the government aiming to correct some measures imposed through the controversial emergency decree (OUG) 114/2018. “What I can tell you is that I can not believe that an emergency ordinance can ...

Government delays measures that risked blowing away the EUR 10 bln private pensions market to end-2019

Monday, April 1, 2019

The seven private pensions fund managers in Romania have won an extra 6-month period to stay in business as the government prepares to delay a key-measure imposed by the controversial emergency decree (OUG) 114/2018. According to OUG 114/2018, the seven Pillar II private pensions managers in Romania have to increase their total capital by RON 1.6 billion until the end of June and by RON 3.55 billion until the end of the year, a very high amount for a ...

Aug 25 - first deadline for tax on banks' financial assets

Monday, April 1, 2019

The tax on the banks' net financial assets will be an annual tax paid half-yearly and in 2019 the first payment deadline will be August 25, Finance minister Eugen Teodorovici announced on Friday after the government meeting that approved amendments to Ordinance No. 114/2018."This is an annual tax on banking institutions payable half-yearly and is the product of the tax base and the tax rate; the resulting amount is reduced according to the two adjustment criteria. ...

Romania’s public debt increases by EUR 6 bln in 2018

Monday, April 1, 2019

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Romania’s public debt increased by about RON 29 billion (EUR 6.1 billion) last year, reaching RON 330.14 billion (EUR 69.4 billion) at the end of December 2018, according to data from the Ministry of Finance. The amount is almost five times higher than ten years ago, ...

Romania raised 3 bln euro from international markets, partly from 30-year bonds

Monday, April 1, 2019

Romania this Wednesday hit international markets with a high amount of euro-denominated government bonds with different yields and maturities of which the longest is 30 years, which proves the investors' confidence in this country, Finance Minister Eugen Teodorovici said on Wednesday night at Digi24 broadcaster."We decided to raise funds just as other normal states do, that is to borrow to cover the needs of this year's first semester, and then start borrowing ...

Intesa Sanpaolo Bank appoints new Deputy General Manager And Chief of Retail Division

Monday, April 1, 2019

Intesa Sanpaolo Bank, the Romanian subsidiary of Intesa Sanpaolo, has appointed Gabriela Simion as Deputy General Manager and Head of Retail Division. The appointment is subject to approval and authorization by the National Bank of Romania (NBR). In her new position, Gabriela Simion will be responsible for Retail Banking, as well as Small Businesses, Individuals, Multichannel & CRM Network Management departments and Customer ...

ING Bank to launch Apple Pay in Romania in the second half of 2019

Monday, April 1, 2019

ING Bank Romania has announced that it would launch the Apple Pay service for customers in Romania, allowing secure and quick payments using the mobile phone, in the second half of 2019. Last July, the bank also launched the ING Pay option to users of Android mobile systems. ING Pay in Romania had the fastest adoption rate and the largest usage rates of all the countries part of the ING group. 70,000 users have carried out about ...

What do internet users think about Romanian banks?

Monday, April 1, 2019

* Neticle media monitoring company checked what internet users say about the banking services on online platforms, romaniajournal.ro informs. Based on the online mentions of the top 5 Romanian banks, there are areas which need improvement. What service items banking clients complain about the most and what areas of services are they satisfied with? What can help banks to establish a strong and positive reputation? Check out ...

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