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Banque D'Orsay Feb 06
Standard & Poors, Feb 2006
Abstract
Increasing operational importance to parent WestLB's new business model, Growing niche franchise in asset management, and Sound risk profile. Volatile earnings due to market-sensitive arbitrage activity, although development of funds management is expected to stabilize earnings in the long term; and Low capital base, when taking into account the operational risk inherent in the growing asset management and private-banking businesses. The ADEF (France) national scale rating of 'frT1' on France-based Banque d'Orsay reflects its full ownership by German WestLB AG (A-/Stable/A-2), its sound asset quality, conservative risk management, and flexible operating structure. These factors contribute to offsetting a degree of revenue volatility inherent in Banque d'Orsay's own-account activities. Banque d'Orsay is a niche bank engaged in third-party asset management, proprietary...
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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