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BRE Bank S.A. Oct 06
Standard & Poors, Oct 2006
Abstract
The public information ('pi') rating on Poland-based BRE Bank S.A. reflects its increased strategic importance for, and integration with, its strategic shareholder, Germany-based Commerzbank AG (A-/Stable/A-2). The rating also factors in a significant reduction in the high-risk investment portfolio, improving loan quality and financial performance, and satisfactory funding. Offsetting rating factors are BRE's just adequate capitalization and increasingly pressured margins due to intensified competition in the banking sector. BRE is the fifth-largest bank in Poland, with consolidated assets of Polish zloty (PLZ) 38.9 billion (-9.6 billion at PLZ4.07 to -1) at midyear 2006 and a market share of 6.3% in corporate lending and 3.9% in retail lending. BRE is considered a strategically important subsidiary to Commerzbank, which holds a 70.3%...
Companies mentioned in this report are: BRE Bank S.A. (Unsolicited Ratings),Commerzbank AG,Commerzbank International S.A.,Caisse Centrale de Reescompte,Commerzbank Europe (Ireland),Hypothekenbank in Essen AG,Erste Europaeische Pfandbrief- und Kommunalkreditbank AG
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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