Articles in category Financial Services (Diversified)

Ernst & Young Romania has announced that it will have a new country managing partner starting 1 November, 2005. Camelia Horlaci will take over the position occupied by Peter de Ruiter, who has agreed to join Ernst & Young's Regional Tax team.

Camelia Horlaci is a senior partner in the Assurance & Advisory Business Services practice with over 20 years of experience in the profession. The new managing partner will work to strengthen the company's existing service lines and to execute the strategy of People, Quality and Growth.

Ernest & Young's Romanian practice is an important part of Ernst & Young's Southeast Europe regional organization.

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Estima Finance, a consumer credit institution, intends to launch a bond issue totaling five million dollars by the end of the year to finance its current activities and new projects.

Diana Todoran, the company's financial director, stated that this is the first credit institution that is launching a bonds issue. "The details of the issue will be presented soon. This is just one of our projects for the end of this year," stated Todoran. Estima's executive director, Mihnea Mocanu, stated that the institution will increase its nominal capital by four million dollars, to approximately nine million dollars.

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KPMG, the domestic unit of the giant providing audit, tax and advisory services, posted 30% higher revenues in the fiscal year ended on September 30, 2005 as compared to the corresponding period of last year, according to the company's officials. "KPMG in Romania's revenues have also increased considerably," stated Victor Kevehazi, a Senior Partner of KPMG in Romania.

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The authorities announced plans to change the laws regulating exchange offices due to the fact that these agencies frequently misled customers by listing their commission for exchange in places with low visibility or illegibly written. The new laws will force the exchange agencies to list the final rate, with commission included.

"It is not important whether the commission is listed or not," said Catalin Teodorescu, the president of the National Agency for Consumer Protection, adding that the final price paid by the customer was more important. Until now, the agencies had to mention the commission but this provision will be scrapped.

Thus, starting with the second half of November, the exchange agencies must print the rates with letters measuring 80 millimeters by 10 millimeters. The distance between words must be at least 20 millimeters. The prices must be listed both on the inside and outside of the agency. Both prices for buy and sale must be written on a monochrome panel which does not have any other inscriptions.

The same provisions apply for all types of currencies exchanged at a particular agency. 
The exchange agencies must be authorized by the National Bank of Romania and have a single object of activity.

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The five Financial Investment Companies (SIFs) trading value reached on Tuesday, October 18, 1.4 billion euros, up more than 5% compared to the previous day, ACT Media news agency reports.

SIFs stocks' quotations have been boosted by the seven binding bids submitted in BCR's (Romanian Commercial Bank) privatization process, where SIFs hold a share package of 30 percent, Ziarul financiar daily reports.

BET-FI Index that follows SIFs evolution attained on Tuesday a new historical peak, hauling other shares traded on the market.

BET Index concluded the day inching up another 2 percent, especially due to the increase of Transylvania Bank and BRD (Romanian Bank for Development) shares' value that reached on their turn a new historical peak, joined by Petrom and Petromidia, as well. SIF Oltenia and SIF Moldova posted the biggest jump in their trading value, with almost 6 percent each.

SIF Oltenia consolidated its most expensive position among SIFs.

SIF Muntenia increased 4.6 percent, whereas the other two SIFs (Transylvania, Banat-Crisana) - 3.4 percent each.

In a single day, SIFs market value advanced by 70 million euros. Goldman Sachs analysts assessed BCR between 3.8 and 5.8 billion euros worth.

But the total value of the bank is going to be provided by the amount an investor is ready to pay.

At a value of 4 billion euros, the share package owned by each SIF in BCR could amount at 240 million euros, therefore more than two thirds of each SIF's value, under conditions in which they also own other important share packages, the newspaper also writes. The prospect of BCR's privatisation at a good price also boosted the value of other banks' shares on Bucharest Stock Exchange (BVB).

In analysts' opinion, BCR's selling price is going to play a key-role in the evaluation of all BVB listed banks. Transylvania Bank shares closed Tuesday session up 2.7 percent as against the previous day, following a strong upward trend in the recent weeks. In less than three weeks, the bank's overall value jumped by more than 10 percent.

Transylvania Bank could be the following target for foreign banks that aim at entering the Romanian market, especially those set to loose the BCR's race.

Investors also stake on the free shares the bank could distribute again in the spring next year, but also on a new eventual share capital increase.

In addition, BRD stock reached a new historical peak, going beyond 2.5 billion euros.

Petromidia closed at the highest quotation reached in the last six months.

But Petrom gained only 1.4%, an evolution that contradicts the general trend on the market.

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