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BULLETIN: BNP Paribas Signs Agreement to Acquire United California Bank Dec 01
Standard & Poors, Dec 2001
Abstract
Standard & Poor's said today that BNP Paribas' (AA-/Stable/A-1+) agreement to acquire United California Bank (UCB, BBB+/Negative/A-2) will have no impact on the French bank's ratings or outlook. The acquisition would have a limited impact on BNP Paribas' financial profile while it would double the size of the group's already successful retail banking operations in California, providing opportunities for significant cost cutting and synergies. The negative impact on BNP Paribas' capital base should be contained. Despite the $2.4 billion cash price and expected goodwill of -1.5 billion, BNP Paribas is expected to restore its Tier 1 Bank for International Settlements ratio to above its 7% medium-term target by mid-2002. UCB has a sound financial profile, characterized by strong capitalization and...
Companies mentioned in this report are: BNP Paribas,United California Bank
Action: S&P Event
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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