The ratings on Bank SinoPac reflect the bank's good asset quality and adequate capitalization. Counterbalancing factors include the bank's moderate profitability and scale disadvantage relative to international peers. However, Bank SinoPac ranks among the top one-third of Taiwan's 37 domestic banks in terms of total assets. Bank SinoPac benefits from its status as a core subsidiary of SinoPac Holdings (BBB-/Stable/A-3), a midsize domestic financial group with good asset quality, adequate capitalization, and moderate profitability. The bank plays an integral part in the group's business operations and cross-selling activities, and contributes about 70% of the group's net worth and recurring profit. Bank SinoPac is a midsize bank in Taiwan's fragmented banking industry, but its scale disadvantage relative to international peers makes...
Companies mentioned in this report are:
- Bank SinoPac
- SinoPac Holdings
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