Business Review

The Romanian subsidiary of the Portuguese Millennium bcp has improved its net income by 25 percent from a negative EUR 18.2 million in the first nine months of 2010 to a negative EUR 13.5 million this year.

Ovidiu Posirca

The Board of the National Bank of Romania (NBR) decided during a meeting held today to lower the monetary policy rate to 6 percent per year from 6.25 percent as of November 3rd.

Ovidiu Posirca

The Italian banking Group Intesa Sanpaolo, that is also present in Romania, states that it does not need additional capital. This announcement follows the estimates disclosed by the European Banking Authority on the recapitalization needs of European banks.

Ovidiu Posirca

Volksbank Romania, the 6th bank in Romania after asset value, has transferred its participations on October 21 to a special investment vehicle, with an identical shareholder structure. The new shareholder structure was registered in the Shareholders Registry, after receiving the acceptance from supervision authorities in Romania and Austria.

Ovidiu Posirca

The net profit of Banca Transilvania (BT) increased by 53 percent to RON 106.9 million in the first nine months of 2011. The operational income in the same period totaled RON 1.09 billion, which is rather similar to the 2010 result. The bank's asset value has increased to RON 23 billion in the same period of time.

Ovidiu Posirca

BCR, the leading bank in Romania with 20 percent market share and assets totaling EUR 17 billion, has reported a decline in net profit of 86.3 percent to EUR 16.1 million, in the first nine months of 2011.

Ovidiu Posirca

Provident Financial Romania, a consumer credit provider, reported a gross profit of EUR 1.26 million, according to IFRS standards, in the third trimester of this year. In the same period, the company increased its client base by 21 percent, and the volume of credit taken out has also increased by 17 percent, compared to the similar period of 2010.

Ovidiu Posirca

Jeffrey Franks, head of the IMF mission in Romania, warned that nervous markets are looking for vulnerable countries that may slip into a crisis and that Romania has to be better prepared than other countries in the region. This statement was made during a conference on economic recovery and growth organized today by the World Bank.

Ovidiu Posirca

Salaries in the local banking system posted an increase of about 2-3 percent this year, but this modest rise is still low compared with other sectors. However, specialists say that remuneration is no longer the main force keeping an employee with a lender these days, while the current economic crisis has brought about significant layoffs across the industry.

Anda Sebesi

Eurobank EFG plans to inject around EUR 20 million in capital for its Romanian branch, Bancpost. This statement was made by Mihai Bogza, chairman of Bancpost, for Bloomberg. The shareholders of Bancpost want to raise the bank's solvency rate that currently stands at 13.6 percent, under Romanian accounting standards.

Ovidiu Posirca