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Banca Carige SpA
Standard & Poors, May 2011
Abstract
Strong local franchise in Italy's Liguria region. Good funding profile. Good efficiency, underpinned by cost synergies with integrated entities. Weaker-than-peer capitalization. High single-name and sector loan concentration. High sensitivity of revenues to low interests. The ratings on Banca Carige SpA reflect the bank's strong local franchise in its home region of Liguria (A+/Stable/--) in northwestern Italy, good funding profile, and good efficiency, underpinned by cost synergies with integrated entities. Offsetting factors include weaker-than-peer capitalization, high single-name and sector loan concentration, and high sensitivity of revenues to low interest rates. Banca Carige is a midsize regional savings bank, with total assets of -38 billion on Dec. 31, 2010. It enjoys a strong 28% share of customer deposits in its home market...
Companies mentioned in this report are: Banca Carige SpA
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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