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Caja de Ahorros y Pensiones de Barcelona Mar 10
Standard & Poors, March 2010
Abstract
Robust Spanish retail-banking franchise, resulting from a successful growth strategy. Strong liquidity. Sound underwriting and contained loan book risk profile. Resilient performance. Solid risk-adjusted solvency. Risks inherent in holding a large strategic equity portfolio. Geographic concentration in Spain. The ratings on Caja de Ahorros y Pensiones de Barcelona (la Caixa) are underpinned by its robust Spanish retail banking franchise, successful strategy, strong liquidity, resilient performance, and sound capitalization. The ratings also factor in the deterioration in la Caixa's asset quality and the market risk that arises from holding a large equity portfolio, as well as its geographic concentration in Spain. Management's growth strategy, supported by meaningful branch expansion outside the home markets of Catalonia and the Balearic Islands, has transformed...
Companies mentioned in this report are: Caja de Ahorros y Pensiones de Barcelona,The Bank of East Asia Ltd.,Banco BPI S.A.,Erste Group Bank AG,CaixaBank S.A.
Action: Review
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
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