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Bayerische Hypo- und Vereinsbank AG Apr 05
Standard & Poors, April 2005
Abstract
Solid franchise in Germany, mainly in Bavaria; Sound market position in Austria and CEE improves geographical diversification; Steadily improving financial profile of Bank Austria; and Restructuring should lead to improved earnings in 2005 and beyond. Still difficult operating environment in Germany; Weak domestic mortgage loan book; Weak capitalization; and Modest albeit improving core earnings. The ratings on Germany-based Bayerische Hypo- und Vereinsbank AG (HVB) reflect its franchise among private and corporate customers in its core markets of Germany, Austria, and Central and Eastern Europe (CEE), which provides the bank with a sound and diversified funding base and geographical coverage. It also reflects Standard & Poor's expectation that the strengthening of loan-loss reserves (LLRs) and restructuring measures, which have reduced HVB's...
Companies mentioned in this report are: UniCredit Bank AG,UniCredit Bank Austria AG,Hypovereins Finance N.V.,Unicredit Luxembourg 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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