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Banque D'Orsay Dec 03
Standard & Poors, Dec 2003
Abstract
The creditworthiness of Banque D'Orsay is based on the bank's full ownership by WestLB AG (AA/Negative/A-1+), as well as its sound asset quality, conservative risk management, and flexible operating structure. These factors help to offset a degree of volatility in revenues inherent in the bank's own-account activities. Wholly owned by WestLB, Banque D'Orsay is a niche bank engaged in third-party asset management, proprietary arbitrage trading, and private banking. Banque D'Orsay's funds activity remains focused on offering high-margin interest rate products, both domestically and internationally, with the support of WestLB. The success of this strategy has provided for sustained growth in funds under management, even in a very difficult operating environment. On the other hand, Banque D'Orsay's volume-driven arbitrage activities are...
Companies mentioned in this report are: Banque d'Orsay,WestLB AG (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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