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Bank Industry Risk Analysis: France (Republic of) Feb 05
Standard & Poors, Feb 2005
Abstract
The creditworthiness of France's banks is healthy and stable. As a result of mergers and acquisitions, six universal banking groups--boasting solid fundamentals, as well as strong and resilient business and financial profiles--dominate the country's highly consolidated banking industry. Over the past 10 years, these groups have markedly and structurally improved their profitability and capitalization. Although earnings growth is expected to continue, intensifying competition and moderate French economic prospects are likely to limit substantial improvement in the 18%-20% ROE achieved in domestic retail banking. Accordingly, banks are expected to look increasingly outside France for growth areas that do not contravene their well-balanced business models. Asset quality is expected to remain well under control, and efforts to rein in costs will be...
Companies mentioned in this report are: Credit Agricole S.A.,Credit Foncier de France,Natixis S.A.,BNP Paribas,Credit Lyonnais,Societe Generale,France (Republic of) (Unsolicited Ratings),Credit Agricole Corporate and Investment Bank,HSBC France,Credit Industriel et Commercial,Banque Federale des Banques Populaires,Dexia Credit Local,Banque Federative du Credit Mutuel,Credit du Nord S.A.,Caisses d'Epargne Participations,Caisse Centrale du Credit Mutuel,Banque Hervet,BRED-Banque Populaire
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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