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Banco de Oro Universal Bank May 06
Standard & Poors, May 2006
Abstract
The counterparty credit ratings on Banco de Oro Universal Bank (BDO) reflect the bank's average, though improving, domestic franchise within the Philippine banking industry and gradually diversifying core revenue streams. However, these strengths are moderated by BDO's weak asset quality and the downward pressure on capitalization arising from the bank's accelerated loan growth. BDO is part of the SM Group of Companies, one of the largest conglomerates in the Philippines. The group is headed by retail tycoon Henry Sy, Sr. BDO was the Philippines' sixth-largest domestic commercial bank in terms of assets. In 2005, the bank acquired 66 branches of United Overseas Bank Philippines (UOBP), along with its assets, mainly loans, investments and liabilities-primarily deposits. This acquisition, along with the...
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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