After three consecutive years of financial loss, the Romanian banking system returned to profit in 2013 leaving room for some optimism with respect to its profitability in 2014. Lower provision costs amid the slower growth rate of non-performing loans (NPLs), corroborated by a drop in operating expenses subject to staff adjustments and territorial network resizing had a positive effect on the domestic banking sector. Thus, the net aggregate profit of the 40 banks and financial institutions in Romania amounted to lei 48.6 million, following a major loss of lei 2.3 billion in the previous year, shows the annual report released by the National Bank of Romania....more »

BCR has concluded a financing agreement of 32 million with AFI Europe, funds which will be directed to AFI Park 2 and 3 office buildings. Part of the loan, 17 million euro, is destined to investment in AFI Park 2, while the remaining amount of 15 million euro will be used for the development of AFI Park 3, reads a press release of the company. “Getting this loan will allow AFI Europe to recover the entire capital invested in AFI Park 2, whose development was supported through own funds and complete AFI Park 3, whose inauguration is scheduled to take place by the end of this year”, commented David Hay, CEO AFI Europe Romania. ...more »

Romanian independent outfit Tuca Zbarcea & Asociatii landed a key role advising UniCredit Tiriac Bank on acquiring the corporate business of RBS Romania (the Romania branch of The Royal Bank of Scotland plc, Edinburgh). The deal follows a previous agreement between the same financial institutions signed in April 2013. At the time, UniCredit Tiriac Bank announced it had acquired the Retail and Royal Preferred Banking business from RBS Romania, representing approximately 315 million euro in assets and 230 million euro in liabilities....more »