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Banco Espirito Santo S.A. Apr 06
Standard & Poors, April 2006
Abstract
Good position and strong competitive edge in Portuguese retail banking; Adequate core profitability, partially driven by excellent operating efficiency; More balanced funding profile; and Resilient asset quality. Historically modest core solvency levels by European standards; Market risk arising from long-term equity holdings (similar to the situation for other Portuguese players) and a higher proportion of market-related (trading) income than peers; and Structural exposure to changes in the valuation of the pension fund deficit. Banco Espirito Santo, S.A. (BES) has a strong position as the third-largest bank in the highly competitive, concentrated Portuguese banking market, thanks to a successful organic growth strategy since privatization in 1991. Throughout the expansion process, BES has leveraged its innovative commercial approach and sophisticated management information...
Companies mentioned in this report are: Banco Espirito Santo S.A.,Portugal Telecom SGPS S.A.,Banco Espirito Santo de Investimento S.A.
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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