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Bank SinoPac Feb 04
Standard & Poors, Feb 2004
Abstract
The ratings on Bank SinoPac reflect its satisfactory asset quality, clear business strategy, and adequate capitalization. The bank's small market share and Taiwan's highly competitive banking environment partially counterbalance these strengths. Bank SinoPac, established in 1992, has differentiated itself through product innovation and customer segmentation. The bank is developing an electronic banking platform to reduce the effect of its size limitations on its business development. Bank SinoPac formed SinoPac Holdings (BB+/Stable/B) with SinoPac Securities Corp. (SinoPac Securities) in May 2002. The bank now has access to a wider distribution network via the securities company's branches. Bank SinoPac's asset quality is satisfactory. The bank's ratio of impaired assets (including official nonperforming loans, official loans under surveillance, and foreclosures) of 3.1% at...
Companies mentioned in this report are: Bank SinoPac,SinoPac Securities Corp.,SinoPac Holdings
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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