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Banque D'Orsay Feb 05
Standard & Poors, Feb 2005
Abstract
Increasing operational importance to parent WestLB's new business model; and Sound risk profile. Volatile earnings due to market-sensitive arbitrage activity; development of funds management expected to stabilize earnings in the longer term, however; and Low capital base when taking into account operational risk inherent in growing asset management and private banking businesses. The creditworthiness of Banque d'Orsay is based on its full ownership by WestLB AG (AA-/Negative/A-1+), as well as on the bank's 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 arbitrage trading, and private banking. The bank's fund management...
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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