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Canadian Banks Derive Stability From Broad Customer, Product Bases Dec 03
Standard & Poors, Dec 2003
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.
Abstract
The Canadian banking system, one of the most concentrated in the world, is a mature, sophisticated, and highly competitive market with five dominant and well-entrenched banks, three medium Quebec-based financial institutions including the Mouvement des caisses Desjardins, and a number of innovative new competitors. HSBC Bank Canada and Credit Union Central of British Columbia have an important retail presence in western Canada. Notwithstanding the concentration issue, measured on a global scale, the Canadian banking industry is one of the soundest and least risky in personal and commercial banking, as the banks derive stability from their broad customer, product, and geographic diversification in Canada. Also adding to the strength of the system are the prevalence of government guarantees for conventional mortgages,...
Companies mentioned in this report are: Royal Bank of Canada,Toronto-Dominion Bank (The),Bank of Montreal,Bank of Nova Scotia (The),Canadian Imperial Bank of Commerce,National Bank of Canada,Caisse centrale Desjardins,HSBC Bank Canada,Laurentian Bank of Canada,Central 1 Credit Union
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