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Financial & Banking

London Stock Exchange starts recruiting for Bucharest office

Monday, August 27, 2018

The London Stock Exchange group has started its recruiting campaign for the new office in Bucharest. The company plans to hire 200 people in the first stage. The benefits offered include optional private pension (Pillar III), 25 days of vacation per year, private medical insurance, life insurance and meal vouchers, ...

Value of mortgages in Romania hits record of RON 69.8 bln, almost all thanks to Prima Casa

Monday, August 27, 2018

In the first semester of 2018, the population’s loan volume reached RON 128.3 billion, up 5.3 percent compared to the end of last year, http://business-review.eu reports. The increase was mainly due to the 5.5 percent increase in mortgage loans, sustained by the Prima Casa (First Home) program, according to a periodical analysis by Andrei Radulescu, chief economist of Banca ...

Historic drop for Digi Communications shares! Investors lost RON 30 for every RON 100 they put in

Monday, August 27, 2018

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Digi Communications shares value decreased 32.5 percent from the start of the trading on the Bucharest Stock Exchange (BVB) until Tuesday, http://business-review.eu reads. Financial results and a high level of indebtedness are the reason for the fall of one of the biggest mobile carriers and cable tv operator. This means that if you bought RON 1,000 worth of shares in the first day of trading now you would have only RON 675.  Digi was ...

Banca Transilvania overcomes BCR to become the largest banking group in Romania

Monday, August 27, 2018

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Banca Transilvania (BT) has overcome Banca Comerciala Romana (BCR) and has become the largest banking group in Romania by assets, but also the most profitable, romaniajournal.ro reads. The BT Group had, at the end of June, assets of RON 75.3 billion, up by 25% against the same period last year and by RON 5.1 billion larger than BCR’s, zf.ro informs. The net profit at half year was of RON 865 million for BT and of RON 697 million for BCR. The two groups had ...

TB's economist says why Romania will borrow money even more dearly in the quarters to come

Monday, August 20, 2018

The head-economist of the Transilvania Bank (TB) Andrei Radulescu estimates in an analysis published on Friday that  the interest rates for bonds will increase in the quarters to come due to the monetary impulse of the US and the challenges in the area of public finances in Romania. ‘The curb of yields ( the interest rates for bonds on the secondary market on all maturities) in Romania  felt the macro-financial climate abroad and ...

Credit Europe Bank Romania closed its first semester in 2018 with a gross profit of 44 million RON

Monday, August 20, 2018

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Credit Europe Bank Romania made a gross profit of RON 44 million in the first half of 2018, a significant increase from 28 million RON - the gross profit recorded in the same period in 2017. "The results of Credit Europe Bank Romania in the first six months of this year reflect a good implementation of the targets set for 2018 and we are confident that the positive trend will continue in the second half of 2018 also. Next we will focus on expanding the ...

ING Bank Romania ups number of clients to 1.2 million

Monday, August 20, 2018

ING Bank Romania, the local subsidiary of Dutch group ING, reached a net profit of RON 345 million (EUR 74 million) in the first half of this year, up 35% compared to the same period of 2017, romania-insider.com informs. The bank’s results were boosted by higher lending activity and an increase in the number of active clients. The operational revenues went up by 25% yoy, to RON ...

SIF5 Oltenia reports H1 2018 net profit rising by 78.8pct, to 70.37 million lei

Monday, August 20, 2018

SIF5 Oltenia financial investment company's H1 2018 net profit exceeds 70.37 million lei, up 78.84% percent from H1 2017, according to a report submitted to the Bucharest Stock Exchange (BVB).On June 30, 2018 SIF Oltenia SA got total revenues of 79.735 million lei, up 70.8 percent from the value recorded on June 30, 2017 (46.686 million lei). Revenues from dividends (dividend income are recorded at gross value) amounted to 74.843 million lei, while the net profit ...

Fiscal Council: Significant risk of Romania exceeding its 3 pct deficit target after government’s latest budget revision

Monday, August 20, 2018

The Fiscal Council has issued a warning regarding Romania’s risk of exceeding its deficit target and implicitly its reference level of 3 percent of the GDP for the budget balance, warning that the revision managed to keep the deficit at 2.97 percent of GDP only due to an upward revision of the nominal GDP level, which is probably excessive. In the report, the Fiscal Council says the first budget revision project of this year doesn’t follow ...

SIF Banat Crisana wants to buy the former Bank of Cyprus HQ

Monday, August 20, 2018

SIF Banat Crisana (SIF1) intends to acquire the former headquarters in Bucharest of Bank of Cyprus, which recently liquidated its operations in Romania. The 5-storey office building near TVR, might be bought with an estimation EUR 4 million. According ...

OTP Bank Romania announces the financial results for the first half of 2018

Monday, August 20, 2018

According to the report published in Budapest by OTP Group, quoted by romaniajournal.ro, which presents the consolidated financial result adjusted in accordance with the Group’s reporting standards for the first half of 2018, OTP Bank Romania recorded a consolidated after-tax profit of RON 19.7 million (HUF 1.4 billion), with 59% higher than the base period. The FX-adjusted performing loan volumes increased with 12% year-on-year, supported by ...

NBR Board decisions on monetary policy in its meeting of 6 August 2018

Monday, August 13, 2018

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to keep the monetary policy rate at 2.50 percent per annum; to leave unchanged the deposit facility rate at 1.50 percent per annum and the lending facility rate at 3.50 percent per annum; to maintain the existing levels of minimum reserve requirement ratios on both leu- and foreign currency-denominated liabilities of credit ...

The BVB group announces a consolidated net profit  going up with 36% at almost 7 million lei, in Q1

Monday, August 13, 2018

The Stock  Exchange Bucuresti group (BVB)  announces for Q1 of 2018 a consolidated net profit of 6.99 million lei,  up by 36% against the net result obtained during the same period of 2017,5.15 million lei with a net margin of 33% according to the quarterly report of BVB given on Friday to publication.According to the ...

Raiffeisen Bank ends first semester with a 20 per cent net loan growth 

Monday, August 13, 2018

Raiffeisen Bank ended the first semester of this year with a net profit in Romania of RON 423 million, up 74 per cent compared to June 2017, romaniajournal.ro reports. Total assets of the Bank increased during this first semester up to RON 38.1 billion (14 per cent growth yoy). The main driver of this positive development was, again, lending: RON 23.6 billion is the total value of the stock of customer net loans growing by 20% yoy. New loan volumes ...

BVB expands the maximum number of companies in main indices from 15 to 20

Monday, August 13, 2018

Bucharest Stock Exchange (BVB) has increased the number of companies ...

Draft pension law: Pension spending will increase by 130pc by 2022 to RON 140bn

Monday, August 13, 2018

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The expenditures for pensions to the state social security budget will increase by 11% in 2019 if the new pension law comes into force in the current form, according to the draft bill presented by the Labour Minister, Lia Olguta Vasilescu, Thursday evening, romaniajournal.ro informs. Thus, they will reach RON 67.4 billion in 2019, up from RON 60.7 billion this year. A much higher advance will be recorded in 2020, rising to RON 83.8 billion, ...

Bancpost slammed by Romanian consumer protection agency for Dutch loan disposal

Monday, August 13, 2018

The Constanta County Department for Consumer Protection (CJPC) has fined Bancpost in July for a deal from 2008, when the lender transferred a portfolio of healthy loans to another company registered in the Netherlands, http://business-review.eu informs. The agency claims that Bancpost, which was recently taken over ...

ASF approves increase of social capital of Euroins Romania by RON 2.3 million

Monday, August 13, 2018

The Financial Supervision Authority (ASF) has approved the increase of the social capital of Euroins Insurance and Reinsurance Society S.A by RON 2.3 million, up to RON 532.823 million, http://business-review.eu reports. At the 8 August meeting, ASF adopted measures on the operating framework of supervised non-bank financial markets – insurance, capital market and private pensions. Thus, the ...

Access to loans to be limited! Central Bank’s decision will be in place by September

Monday, August 13, 2018

The National Bank of Romania (BNR) will limit the indebtedness-to-income rate of the individuals, as a new rule is currently discussed by banking sector supervisors, and a decision could be announced in September, according to central bank’s governor Mugur Isarescu, http://business-review.eu reads. During the last year, there has been a lot of debate in Romania about limiting the degree of indebtedness for ...

UniCredit achieved a consolidated profit of EUR 60 million in Romania in the first half of the year

Monday, August 13, 2018

UniCredit has achieved a volume of loans granted of EUR 400 million, to a total of EUR 5.84 billion and an EUR 60 million consolidated profit in Romania in the first half of the year, up 27% compared to the similar period of 2017, mainly due to the increase in interest income, http://business-review.eu informs. The group is active in Romania through UniCredit Bank, UniCredit Consumer ...

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