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BCR stepped into the red in Q3, with a negative result of RON 91mln
BCR Group recorded losses in the third quarter, the negative result amounting to RON 90.5mln (about EUR 21mln), after in the same period last year it had recorded a net gain of RON 6mln and the profit in the first nine months dropped by over seven times, to RON 67.6mln. In the first nine last year BCR group reported a net profit of RON 494.5mln and in the first half this year it posted a net profit of RON 158.1mln. Austria’s Erste Bank, majority shareholder of BCR, announced that the losses recorded on retail and SMEs in Romania grew from EUR 3.3mln at the end of H1 to EUR 19.4mln in late September. “The economic recovery had a slower pace than expected. This is reflected in the evolution of our clients’ businesses, in their revenues, in the transactions they perform with BCR”, declared in a communiqué Dominic Bruynseels, CEO of BCR. Bad loans increased in Q3, so the balance at group level after the first nine months represents 20.8% of the total loan portfolio, the corporate segment being the main contributor to the newly generated volumes. Net provisions for loans and payments in advance granted to clients accounted for RON 1.61bn (EUR 382.5mln). According to BCR, SMEs are still facing severe liquidity constraints and some large companies are again in default after restructuring. The bank expects a gradual recovery, after the acceleration of the economic growth. The group’s net operating income dropped by 11.2% against the same period last year, to RON 3.15bn (EUR 749.1mln), mainly because lower interest rates and the decrease of profit margins as well as because of decreasing demand for eligible loans. At the same time, the net revenues from fees grew by 3.2% in the first nine months, to RON 444.8mln (EUR 105.7mln). According to BCR, higher costs with depreciation, reflected in staff training, the development of alternative channels and the network modernization determined higher operating expenses for the group by 1.3% against the same period of the previous year, to RON 1.26bn (EUR 300mln). According to Erste, the number of BCR’s employees increased slightly in the first nine months, by 2.5%, to 9,342 people, mainly due to hiring the staff that previously was recorded as temporary staff. BCR group has a solvency ratio of 10.7% according to the Romanian Accounting Standards (RAS), above the minimum level demanded by NBR, of 10%. (October 31st 2011)

Approval of the merger between Alpha Bank and EFG Eurobank, postponed
The General Assemblies of Alpha Bank and EFG Eurobank Shareholders on the approval of the merger between the two banks, scheduled for Monday, October 24th, have been postponed for the next month, due to the lack of quorum, according to Reuters. “There was a lack of quorum, so the Extraordinary General Assembly of Shareholders will be held on November 4th, when the quorum required will be 50%, an official with Alpha Bank declared. The Boards of Directors of EFG Eurobank and Alpha Bank approved in August the merger of the two credit institutions, through which Alpha Bank would merge EFG Eurobank. According to the previous announcement, the merger is scheduled to end in December this year. The two credit institutions are present on our market through Alpha Bank Romania and Bancpost. EFG Eurobank and Alpha Bank estimated in August that after the merger they would reach a market share of 11% in our country, after the balance of loans late last year. Alpha Bank titles declined on Monday on the Athens Exchange by 19.1%, while EFG Eurobank titles fell 20.3%. (October 25th 2011)

The First Greek Bank Is Sold: ATEbank Sells the Branch in Romania
ATEbank (Agriculture Bank of Greece) has announced today that the Board has decided to hire financial consultants to start the assignment process of the stakes owned in Dodoni and ATEbank Romania. “The Board of Directors has decided to buy the 15% stake in International Finance Corporation at ATEbank Romania, under the current agreement between the shareholders”, a press release of the Greek group states. The bank carries out a restructuring program approved by the European Commission, aimed at securing adequate capital and operational improvement, with completion in 2013 according to which the rate of own equity type I for 2012 is estimated at 12.4%. Selling ATEbank Romania is part of the restructuring plan, published in May. ATE Bank Greece controls 74.12% of the stake in ATE Bank Romania; another major shareholder is the International Finance Corporation, with 15%. The National Union of Handicraft Cooperatives UCECOM, based in Bucharest, has 7.36% stake. ATEbank group where the state has a stake of about 70% is present in Romania through banking operations and on the insurance market through ATE Insurance. The financial crisis in Greece threatens to bankrupt the country with catastrophic consequences for Greek banks, and for major European and global financial groups. In Romania six Greek banks are present, EFG Eurobank, through Bancpost, National Bank of Greece, through Banca Romaneasca, Piraeus Bank, Alpha Bank, Emporiki Bank and ATEbank. Emporiki is controlled by Credit Agricole, which holds over 90% stake in the Greek group. EFG Eurobank and Alpha Bank announced in late August that they would merge. The Agricultural Bank of Greece (ATEbank) failed the stress test conducted by European Banking Authority to determine the strength in case of an economic shock. ATEbank failed the test both in 2010 and in 2011. Following the results of the test, it was proved that the bank needs additional capital amounting to EUR 266mln in 2011 and EUR 713mln in 2012. The Greek Bank ATEbank, one of the eight banks that have failed the stress test, believes that the main reason for the negative outcome of the test was the massive exposure (of EUR 7.5bn in securities and loans). "This level is, in relative terms, taking into account the level of equity and total assets, the largest in the entire banking system in Greece", representatives of ATEbank said. (October 6th 2011)

Greek crisis reaches Romania through banks
Moody’s downgraded Friday eight Greek banks. Five of them are present on the Romanian market. Will this affect the Romanians? In a move anticipated by markets, the financial evaluation agency Moody’s Investors Service has reviewed downwards by two levels, the ratings of eight Greek banks. Agency’s analysts reasoned their decision by problems faced by the Greek economy and by the decreased volume of deposits of the institutions in question. The situation is concerning for Romania, considering that five of the eight Greek banking groups recently downgraded are present on the local market. Moreover, they have some of the largest exposures on Athens’ public debt. Although Romanian MEPs and officials of the National Bank claim that the risks are low, in Brussels the atmosphere is different. More and more high officials discuss openly about accepting the possibility that Greece could go bankrupt and voices asking the banks’ recapitalization become stronger every day. “Greek banks were anyway on infusions. We are in danger because the situation of euro zone overall becomes much more complicated”, Daniel Daianu explained, professor of Economics and former minister of Finance. “We should be more worried about what will happen with Greece”, he continued. The possibility it enters into bankruptcy has become more real, and a messy default would trigger a recession at EU level, with strong impact in Romania, the economist believes. “Even in the case of a neat bankruptcy, there will still be turbulences”, he said. However, the markets remained immune to the announcement of Greek banks’ downgrade and European stock exchanges posted growths on Friday morning. “It’s a bad news, but not unexpected. What is the novelty?”, Daianu said. “Downgrade has no impact for a long time, today it has no relevance”, opinions also Nicolae Alexandru-Chidesciuc, chief economist with ING. “Markets expect the bankruptcy, so the downgrade announcement was overshadowed by other events”, he added. Klaas Knot, governor of Greece’s central bank and member of the Governing Council of the European Central Bank, declared Friday that Greece’s default was one of the scenarios taken into account. The same day, several European officials declared that the EU institutions would speed up the process for banks’ recapitalization, aiming at 16 groups that hardly managed to pass the bank stress tests. What happens if the approach fails? “It’s likely that the Greek state will intervene, banks will be nationalized and the local branches will also be controlled by the Greek state”, Daianu explained. But if Athens is not able to recapitalize the banks present on the local market, then the Romanian state could intervene. “We should use European money to recapitalize the banks”, the professor of Economics continued. Another version is that fragile institutions to be taken over by those more powerful to consolidate the banking system, he also believes. Regardless of the number of problems faced by the Greek banks in Greece, their subsidiaries in Romania will not be able to transfer capital to the parent groups because the NBR rules forbid it, so the risks for the local banking system are minimal, Daianu explained. Banks with Greek capital in Romania owned at the end of the last year a share of 15.5% of the total assets of the system. Turbulence has been reflected in the exchange rates of currencies outside the euro area. “No country recently entered into the EU, but outside the monetary union, has a current account surplus or commercial surplus, they all have budget deficits and need funding”, Daianu explained the problems affecting the RON/EUR exchange rate. “The exchange rate will most likely stay around this level (RON 4.3/EUR – Ed.), with the condition to not register a significant deterioration, in which case the exchange could even reach RON 4.4-4.5/EUR”, Chidesciuc said. (September 27th 2011)

The Financing of Porsche Finance Group Increased by 15% in the First Half
For the first half of 2011, Porsche Finance Group announced a 15% increase of the financing, up to a level of EUR 73 million. According to company officials, the growth was mainly generated by the launch of the new product, Perfect Leasing, which led to an increase of the value of the goods financed through financial leasing by 32% compared with same period last year. On the other hand, the value of the assets funded through the operational leasing from Porsche Mobility grew by 120%, from RON 4.2 million in late June last year to EUR 9.3 million in 2011. "The spectacular increase of operational leasing can be explained by the general upward trend on this segment of the auto leasing market in Romania, due to the benefits it brings in the current economic context", Kurt Leitner, CEO of Porsche Finance Group, declared. The company also announced a 15% increase of the portfolio of Porsche Bank for the auto loans offered, compared to the same period last year. Also, Porsche Insurance recently announced that has surpassed the threshold of 10,000 CASCO policies sold in two and a half years of activity in Romania. Porsche Finance Group continues to have a significant position on the local market, with a penetration rate of 43% in the sales of the importer Porsche Romania, in early 2011. (September 26th 2011)

Top most profitable banks in H1
Overall the banking system reported by Romanian accounting standards in H1 2011 a profit of RON 144mln and the first ten banks posted a gain of RON 380mln. This means that the market is extremely divided; there are banks reporting positive results, while most are in the red. BRD, bank taken over by France’s SocGen 12 years ago, leads the ranking of banks with profit. BRD, which immediately after the takeover entered a restructuring process that lasted for several years, managed to exploit best its assets and its loan portfolio. In the first half BRD posted a profit of RON 282mln, representing 73% of the result of the first ten banks in the system and double compared with the result of the entire banking system. BCR, number one in terms of assets, reported a net profit of RON 163mln in mid-year. UniCredit ranks the third, with RON 124mln, followed by Raiffeisen, with RON 103mln. The Americans from City are the fifth, although in terms of assets they rank the 15th. Banca Transilvania, the only independent Romanian credit institution in top 10, announced a profit of RON 66mln. RBS, the 14th in terms of assets, is the 7th as profit, and ING, number 10 in the system, ranks the 8th as a positive net result. The state bank Eximbank reported a profit of RON 36mln, while in terms of assets it’s the 20th. The top 10 in terms of profit ends with three banks, whose results are around RON 10mln – CEC Bank, OTP and Bank of Cyprus. On the other hand, the top of banks with biggest losses is led by Volksbank – Austria (RON -306mln), Banca Romaneasca – Greece (RON -97mln) and ATE Bank – Greece (RON -81mln). Alpha bank and Bancpost, banks with Greek capital that rank the eight and ninth in terms of assets, reported in the first six months losses of RON 67mln, respectively of RON 45mln. The crisis has damaged very much banks’ loan portfolio, being forced to make provisions and thus decrease their operating result. Some banks were forced to ask for new money from shareholders to comply with NBR rules. Last year the entire banking system reported a loss of RON 512mln and this year it could go into the black, due to the improvement of economic conditions. (August 29th 2011)

“Libra Bank” becomes “Libra Internet Bank”
Libra Bank has changed its name into “Libra Internet Bank”, according to data published in the Official Gazette. The Extraordinary General Assembly of Shareholders decided, in last month’s meeting, unanimously, to change the name of the credit institution. “Therefore, the name of all branches and working points of the bank changes correspondingly”, the Official Gazette reads. The representatives of the credit institution refused to comment the information, but stated that they would publish a press release. Libra Bank recorded, in the first half of the year, a cumulated profit of RON 9.15mln, according to a bank communiqué. The pace of bad loans slowed down, revenues from recoveries of provisions covering this year the expenses related to bad loans, the communiqué also shows. The result in the first six months of the year continued the positive trend at the end of 2010, when the credit institution achieved a profit of RON 10.08mln, according to the International Financial Reporting Standards (IFRS).(August 12th 2011)

Libra Bank achieved a profit of RON 9.15mln in H1 2011
Libra Bank, a niche player on the local market, obtained in 2010 a profit of RON 10.08mln, according to international financial reporting standards (IFRS). The bank continued to make profit in the first half of 2010, its level amounting to RON 9.15mln. The bank’s assets at the end of 2010 totaled RON 586mln, down by 5.8% against the level recorded at the end of the previous year. “The results in 2010 are explained by the fact that we were among the first to react specifically to the first sign of crisis. The bank’s size, together with a consistent and coherent plant, which worked very well, helped us to have reaction speed. We did not grant too many loans in foreign currency or in risky areas. We assessed the guarantees in accordance with the market conditions, namely prudently”, explained Emil Bituleanu, President of Libra Bank. Libra Bank achieved in the first half of 2011 a cumulated profit of RON 9.15mln. The bank posted at the end of 2010 a solvency ratio of 15.6%, by 0.9 percentage points higher than the average of the banking system (of 14.7%). “We will continue on the strategic direction adopted in 2010, but at the same time we want more. Therefore, taking into account the technology evolution, for 2011 we propose to focus strongly on the online services area, offering our customers virtual services that will place them ahead of competitors, services that will not limit to the classic services currently available in the banking environment”, Bituleanu stated. Libra Bank President added: “Since the beginning of this year we added to the territorial network a new branch in Bucharest and another in Cluj, following that by the end of 2011 to open other new branches in Timisoara and Bucharest. This month we will also open a branch in China Town, the new commercial center in Voluntari, inaugurated by the Chinese local community”. Libra Bank is a credit institution focused on financing liberal professions. (July 20th 2011)

Fitch Has Improved the Ratings for BCR, BRD and UniCredit Tiriac Bank
Fitch Ratings upgraded the ratings on Thursday for long-term debts of BCR, BRD Societe Generale and UniCredit Tiriac Bank, from "BBB" to "BBB +" with stable outlook, following the upward revision of the rating for Romania. Improving the rating of the three banks reflects the revision of the country’s ceiling for Romania to "BBB +", a press release of the rating agency reads, quoted by Mediafax. The ratings for long-term debts and the support of these banks are influenced by the institutional support from their parent companies and they are constrained by the country’s ceiling. BCR's rating for long-term debt in local currency was changed from "BBB" to "BBB+" with stable outlook. Fitch has revised the rating for short-term foreign currency liabilities of the banks from 'F3' to 'F2', the support rating was maintained at level "2" and individual rating was not affected by the measure. As for BRD, the rating for short-term foreign currency debt was upgraded from 'F3' to 'F2' and the ceiling support was affirmed at "2". The agency changed the rating for UniCredit Tiriac Bank for short term debt payable in foreign currency from 'F3' to 'F2', the support rating was affirmed at level "2", and the individual was not affected by the measure. Fitch upgraded on Monday Romania's rating for long-term debt in foreign currency from "B +" to "BBB-" and the ceiling of the country from "BBB" to "BBB +" and the outlook is stable, Romania is back in the category of countries recommended for investments. (July 11th 2011)

Provident wants to open at least 4 offices this year
The consumer finance company Provident Financial Romania wants to expand this year, by opening at least four new offices in Suceava, Botosani, Alba-Iulia and Turda, declared yesterday the company’s general manager, Russell Johnsen. “This year we will resume the expansion of operations by opening at least four new offices – in Suceava, Botosani, Alba-Iulia and Turda. We will continue to invest in the development of operations and in our staff and we expect to reach a national coverage in the following years”, Johnsen said during a conference celebrating the fifth anniversary of activity of the credit company on the Romanian market. On this occasion, the representatives of Provident Financial Romania announced that in five years of presence on the Romanian market, over 400,000 customers resorted to its services and the value of company’s investments in Romania exceeded EUR 100mln. Provident loans are granted in cash by company’s representatives, who visit the customers at their homes every week for collecting the installments. The loan required is received at home by the customer within 48 hours. However, the flexibility and the facile manner in which such a loan can be achieved are offset by very large interest rates that the applicant must bear. Thus, for a loan of RON 1,000, with a repayment period of 42 weeks, the weekly installment is of RON 41.40, while the amount at the end of the crediting period reaches RON 1,738.8, which corresponds to a very high effective annual interest, of 341.2%, the cost of the loan being of RON 738.8. Provident Financial Romania started its activity in 2006 through a pilot operation in Bucharest. Currently, the company has over 600 employees and about 3,000 independent agents in over 40 cities of the country. (July 6th 2011)

BRD to start on June 10th the dividend payment for 2010
BRD – Groupe Societe Generale, the second bank in the system in terms of assets, will begin on June 10th the dividend payment for 2010, the value of the gross dividend being of RON 0.17957/share, according to the decision taken by the General Assembly of Shareholders. BRD shareholders with current accounts open with BRD will receive their dividends in the current accounts in question, while the shareholders that previously asked the payment in accounts open with other banks will receive the dividends in the accounts indicated. On the other hand, shareholders who haven’t indicated an account for the dividend payment are expected, as of June 10th 2011, at any BRD unit to request the dividend payment through transfer or in cash. The General Assembly of BRD Shareholders of April 14th 2011 established a gross dividend of RON 0.17957/share. According to legal regulations in force, the tax rates on dividends are of 16% for resident natural persons, 16% for legal persons and open-end investment funds, 0% for facultative and private pension funds in Romania, 0% for pension funds resident in the EU or EFTA. For non-resident natural and legal persons, the tax rate is 16%. (June 8th 2011)

BCR has signed with FNGCIMM the convention for the “First House 4” program
BCR, the largest local bank in terms of assets, signed at the end of the last week with the Credit Guarantee Fund for SMEs (FNGCIMM) the convention for the “First House 4” program and is waiting for NBR’s opinion for lending rules. “BCR has a balance of EUR 600mln of loans granted so far through the “First House” program. We will be able to grant loans for another year and a half or two years through this program if we double our exposure. We estimate that we will grant the first loans through the “First House 4” program as soon as possible”, declared Oana Petrescu, vice-president of BCR’s retail division. Also, last week in the Official Gazette of Romania was published the framework convention on the implementation of First House 4 Program, which allows FNGCIMM to sign the agreement with the banks that expressed the option to enter the program. So far, 11 banks have expressed the intention to participate in the continuation of the First House Program. The main difference in the fourth edition of the First House Program against the previous programs is the sharing of risk equally between the state and the credit institutions. In terms of costs, their level remains the same, interests for loans in EUR being of Euribor 3 months with a margin of maximum 4.5% and for loans in RON the margin is of maximum 2.5% plus Robor 3 months. The minimum advance remains at 5%. Those who own a house with no more than 50sqm are able to access such a loan. (June 6th 2011)

Piraeus Bank Assets Increased 8% to EUR 2.24bn
The assets of Piraeus Bank Romania increased 8% from the end of Q1 2010 until the end of March, at EUR 2.24bn and the bank recorded a pretax profit of EUR 6.6mln in the first three months. Piraeus Bank Romania reported for Q1 2011, a gross profit of EUR 10.3mln according to the International Financial Reporting Standards IFRS. Under Romanian accounting standards RAS, the pretax profit in the first three months of this year was of EUR 6.6mln, "keeping in line with the budget", the CEO of the bank, Catalin Parvu, said quoted by Mediafax. Bank deposits have increased by 11% during the analyzed period, from EUR 1.19bn to EUR 1.32bn, and the ratio between loans and deposits has improved, decreasing to 111.8%. The loan balance dropped by 6% to EUR 1.47bn, due to low demand from the eligible customers of the bank. The bank's solvency index was of 17.23% during the analyzed period, while the need for provisioning was covered and remained constant in Q1 2011 compared to Q1 2010, Parvu said. According to a report issued by the Greek Bank Piraeus, the bank's nonperforming loan rate in Romania increased from 10.8% in Q4 2010 to 12.6% in the first three months of 2011. The cost of risk fell to 2.7% from 3.7% in Q1 2010. Piraeus Bank owns in Romania Piraeus Bank Romania, Piraeus Leasing, which activates in the financial services sector, Piraeus Insurance Reinsurance Broker, specializing in brokerage activities and insurance and reinsurance activities, and Piraeus Securities Romania. According to the reports from last year, the assets managed by Piraeus Bank Romania amounted to EUR 3.94bn, but the amount includes the assets managed for other branches abroad of the group. (May 30th, 2011)

Banks’ exposure on the central public debt increased by RON 3bn
At the end of the first quarter, the public debt totaled approximately RON 199bn, up by RON 5bn compared with the level at the end of December. Comparatively, in the similar period of the last year, the advance was more than three times faster, with RON 17bn, the public debt climbing, on March 31st 2010, to RON 165bn. Despite the growth recorded in the first quarter, the share in the gross domestic product decreased by 1 percentage point, from 37.75% of GDP on December 31st 2010 to 36.7% of GDP at the end of March. According to data announced by the Ministry of Finance (MFP), 94% of the public debt belongs to government structures, RON 187bn, while approximately 6% is owned by the local structures, RON 12bn. On March 31st 2011, private banks had an exposure on the government public debt of RON 132.5bn, up by RON 3bn compared with the end of the last year. However, the share of exposures maintained constant, to approximately 71%. Comparatively, in the first three months of 2010, banks increased their stakes by RON 7.3bn, from RON 102.7bn on December 31st 2009 to RON 110bn at the end of March 2010. The share of exposures decreased by 3.5 percentage points, from 75% at the end of 2009 to 71.4% on March 31st 2010. In the first three months of this year, new issues of state titles totaled RON 15.2bn, by RON 2.5bn more than the value recorded in Q1/2010. According to MFP data, from the bond and treasury certificates value issued by the end of March, banks bought 65.8% on their own (RON 37.5bn) and 34.2% on behalf of clients (RON 19.8bn). (May 18th 2011)

Banca Carpatica (BCC) losses decreased in Q1
Banca Comerciala Carpatica (BCC) registered in the first quarter losses of RON 13.5 million (EUR 3.2 million), 76.4% lower compared to the negative result recorded in the same period last year, of RON 57,44 million. BCC’s assets stood at the end of March at RON 2.82 billion, up 2.1% over the same period last year, when amounted to RON 2.77 billion. Compared to the end of last year, the bank’s assets were down 3.5%, from RON 2.93 billion. Operating profit stood at RON 3.2 million in the first quarter, 27% higher than the amount projected in the budget for this period. (May 13th 2011)

NBR has rejected the proposals of the Ministry of Finance to change CEC’s management
Andrei Stamatian, aged 34, proposed by the Ministry of Finance to take over the position of senior vice president of the state bank CEC Bank instead of Gheorghe Carabasan, has not received NBR’s approval in conditions in which Carabasan had responsibilities in technical areas such as accounting, and NBR considered Stamatian inexperienced, according to banking sources. Thus, the Ministry of Finance will propose for the second time Stamatian with the position of senior vice-president, this time with responsibility area the retail. In parallel, NBR rejected the nomination of Andrei-Razvan Micu, adviser to the Finance minister Gheorghe Ialomitianu, as CEC’s vice-president, in conditions in which he has no experience in the banking system. Micu also will be proposed for the second time, this time for a position of Board member. (May 10th 2011)

Raiffeisen Bank estimates a net profit of RON 271.8mln this year, according to the Romanian Accounting Standards
Raiffeisen Bank Romania estimates to obtain this year a net profit of RON 271.8mln according to local accounting standards, RAS, slightly above that of 2010, in the context of scheduled investments of RON 182.8mln. “For the financial year 2011 the shareholders approved revenues estimated at RON 1.83bn and expenses of RON 1.5bn, respectively a net profit of RON 271.8mln, according to RAS”, declared bank’s officials. Raiffeisen Bank Romania’s net profit calculated under the International Financial Reporting Standards (IFRS) increased last year by 12%, to EUR 83mln (RON 349mln), mainly due to the halving of expenses with provisions. As of 2012, the commercial banks will calculate the financial results only according to IFRS. Raiffeisen shareholders also approved for this year an investment budget of RON 182.8mln, of which 62% will represent investments in IT systems and electronic security systems. (May 4th 2011)

Citibank enters the race of loans refinancing in RON with an interest rate of 15.99%
Citibank entered the race for refinancing with a loan in national currency of up to RON 60,000. The bank does not require guarantor or advance nor it charges administration fee and the interest starts from 15.99%. The players in the banking system with market shares of about 1% in terms of asset started to launch refinancing loan offers, in the attempt to compete with large banks, which entered the refinancing race since the beginning of the year. Citibank launched a loan in RON with fixed interest rate from 15.99% for the customers willing to refinance other loans. The maximum amount that can be borrowed without a guarantor and advance is of RON 60,000 and the crediting period is of up to 6 years, according to the information published by the bank. The fixed interest rate is of 15.99%, valid in the situation in which the monthly wage of the debtor is transferred in a current account with Citibank. Otherwise, the interest charged by Citibank climbs to 17.99% or 19.99%. The bank also charges a monthly insurance fee of 0.143% applied to the financed value. Citibank claims they take a decision on loan’s approval within 24 hours from the filing of the complete documentation. (May 3rd 201)