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Banco de Oro Universal Bank Jan 04
Standard & Poors, Jan 2004
Abstract
The ratings on Banco de Oro Universal Bank (BDO) reflect the bank's weak asset quality amid the difficult economic environment in the Philippines. However, this is moderated by BDO's satisfactory capitalization and stable profitability. As part of the SM Group of Companies, one of the Philippines' largest conglomerates, headed by retail tycoon Henry Sy, Sr., BDO was publicly listed in 2002 and acquired 1st e-Bank, a listed thrift bank to become the ninth largest domestic commercial bank in the country by assets. The bank continued to expand its business by acquiring the local unit of Spanish bank Banco Santander Central Hispano SA for PHP 2.56 billion in July 2003, a purchase that would allow BDO to expand its private banking...
Companies mentioned in this report are: Banco De Oro Unibank Inc. (Unsolicited Ratings)
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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