- Language: English
- Published: March 2012
Summary: PT Lippo Bank Tbk
- ID: 1781470
- September 2004
- Standard & Poors
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
The public information rating on P.T. Bank Lippo (Lippo Bank) reflects the bank's weak profitability and capitalization, its high level of nonperforming assets and the still-strong reliance on government recapitalization bonds and Bank Indonesia Certificates (SBI notes) for interest income. Partly offsetting these weaknesses is the bank's stable funding profile. In February 2004, Lippo Bank underwent a change in ownership when the Swissasia Global consortium (including Swissfirst Bank AG and Chaffron Ltd., which is owned by Raiffeisen Zentralbank Osterreich AG, Austria's fourth-largest bank) became its new controlling shareholder, with a 52.02% majority stake. This new acquisition reduced the government's ownership in the bank to only 2.88%. The asset quality of Lippo Bank remains weak, with the bank's gross nonperforming assets...
Companies mentioned in this report are: PT Bank CIMB Niaga Tbk. (Unsolicited Ratings)
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PT Bank CIMB Niaga Tbk. (Unsolicited Ratings)