Business Review

Romania's budget deficit reached RON 13.3 billion, which is 2.4 percent of GDP in the first ten months of 2011, according to data from the Ministry of Public Finance. The forecast for this year's budgetary deficit is RON 24 billion, representing 4.4 percent of GDP.  

Ovidiu Posirca

The volume of gross written premium reported by Allianz-Tiriac in the first nine months of 2011 totaled RON 672 million,  which is a 16 percent decrease compared to the similar period of 2010.

Ovidiu Posirca

Knowing the preferences and habits of their customers from the liberal professions may give a boost to lenders, who can adapt their ranges of operational, financing and saving products to the real needs of such customers. The potential is high as sole traders play a significant role in the development of the local economy.

Anda Sebesi

RBS has provided a EUR 7 million financing line for the EUR 17 million La Lorraine frozen bakery products plant opened in Romania last week. The total investment was partly covered by European funds and shareholders contribution.

VB Leasing Romania, member of the VB Leasing International Holding, will increase its turnover by 6 percent to EUR 90 million by-end 2011.

Ovidiu Posirca

The general manager of BVB (The Bucharest Stock Exchange), Valentin Ionescu, has been sacked following a decision of the BVB Board of Governors taken yesterday. Among the reasons for this decision is the ineffective management of Ionescu, who has achieved only 10 percent of the main contractual target and the lack of attention to the failed Petrom SPO.

Ovidiu Posirca

The general assembly of Eurobank EFG shareholders, present in Romania through Bancpost, has agreed today, with a 98 percent approval rate, to merge with Alpha Bank. The newly formed bank will act under the Alpha Eurobank name. 

Ovidiu Posirca

The general assembly of BCR shareholders met today and approved an increase of the share capital from RON 1.08 billion to a maximum of RON 1.70 billion, through the issuance of around 6 million new shares that have a nominal value of RON 0.1 per share.

Ovidiu Posirca

The financial institutions will have to switch from RAS (Romanian Accounting Standards) to IFRS (International Financial Reporting Standards) starting January 1st 2012, said Dan Lazar, state secretary at the Ministry of Public Finance. This statement was made during an event on fiscality organized today by Ziarul Financiar.

Ovidiu Posirca

The net profit of UniCredit Tiriac Bank, with assets worth EUR 5 billion, has totaled RON 122 million on Q3, which is a 43 percent decrease compared to the similar period of 2010. According to local accounting standards (RAS), the net profit totaled RON 153 million in the same period.

Ovidiu Posirca