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Societe Generale Bank & Trust Dec 10

Description:
Abstract
Core member of the Société Générale banking group. Moderate risk profile. Sound financials. Mutual fund servicing profitability still weak. Some operational risk in international subsidiaries. Potentially negative effect of regulatory changes in Luxembourg. The long-term counterparty credit rating on Luxembourg-based Société Générale Bank & Trust (SGBT) is equalized with that on French parent bank Société Générale (SocGen; A+/Stable/A-1). According to Standard & Poor's Ratings Services' methodology, we consider SGBT to be a core subsidiary of SocGen, given the bank's strong integration within SocGen group and the key role it plays within its private banking division. The ratings on SGBT also reflect its sound financials and moderate risk profile. In addition, they incorporate the highly competitive operating environment in Luxembourg, as...

Companies mentioned in this report are:
- Societe Generale Bank & Trust
- Societe Generale

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
Companies Mentioned
- Societe Generale Bank & Trust
- Societe Generale
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