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Banco Popular Espanol, S.A.
Standard & Poors, Nov 2002
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
The ratings on Banco Popular Espa-ol S.A. (Popular), which are the highest assigned to a private bank in Spain, reflect the bank's strong financial fundamentals, in particular the bank's excellent earnings record, sound asset quality and good capitalization, as well as management's coherent and conservative strategy. Despite the substantial changes experienced by the Spanish financial system in recent years (including a wave of consolidation and convergence to low interest-rate levels), Popular has managed to maintain a track record of strong profitability, with return on average assets averaging a high 1.7% during the past six years. Popular's outstanding performance-a combination of the bank's focus on retail domestic banking, superior pricing policies, comparatively cheaper funding base, and strong operating efficiency-is indisputably one...
Companies mentioned in this report are: Banco Popular Espanol, S.A.,BPE Finance International Ltd.,BPE Capital International Ltd.
Action: Review
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