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Banca Popolare di Intra SCPA Dec 06
Standard & Poors, Dec 2006
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
Strong local franchise Very poor asset quality Mediocre profitability High loan concentration Modest capitalization The placement of the ratings on Italian regional bank Banca Popolare di Intra SCPA (Intra) on CreditWatch with positive implications reflects the potential for an upgrade if the bank is acquired by Veneto Banca SCPA (BBB+/Watch Neg/A-2) in the coming months. Veneto Banca has made an unconditional offer to acquire up to 75% of Intra's shares, which it has accepted. The acquisition of Intra is subject to approval by the central bank of Italy and by the bank's shareholders, who would also need to change Intra's status to that of a corporation. With -4.3 billion in consolidated assets at Sept. 30, 2006, Intra is a midsize...
Companies mentioned in this report are: Banca Popolare di Intra SCPA,Veneto Banca S.C.P.A.
Action: Review
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