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Bank of America (Asia) Ltd. Oct 04
Standard & Poors, Oct 2004
Abstract
The public information rating on Bank of America (Asia) Ltd. (BOA-Asia) reflects the benefit of the bank's strong links with its parent, Bank of America Corp. (A+/Positive/A-1), as well as its favorable asset quality, above average capitalization, and reasonably high liquidity. The bank's already satisfactory profitability improved in the first half of 2004, helped by the general economic recovery in Hong Kong and its own efforts to diversify its income sources. BOA-Asia is a commercial bank incorporated in Hong Kong. It had 14 branches in the territory and one in Macau at the end of 2003. The bank has a shareholding of 25.5% in QBE Hongkong & Shanghai Insurance Ltd. (A+/--/--), a composite life and general insurance company. BOA-Asia's asset...
Companies mentioned in this report are: Bank of America (Asia) Ltd.,Bank of America Corp.,QBE Hongkong & Shanghai Insurance Ltd.
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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