|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Bank SinoPac And SinoPac Holdings Ratings Unaffected By Planned Sale Of U.S. Subsidiary Jan 08
Standard & Poors, Jan 2008
Abstract
HONG KONG (Standard & Poor's) Jan. 28, 2008--Standard & Poor's Ratings Services said today that its ratings on Bank SinoPac (BBB/Stable/A-2) and SinoPac Holdings (BBB-/Stable/A-3) are not immediately affected by the bank's plan to sell its wholly owned U.S. subsidiary, Far East National Bank (FENB). FENB accounts for about 11% of Bank SinoPac's consolidated capital, and contributed 20% of Bank SinoPac's net profits in the 33 months ended Sept. 30, 2007. Standard & Poor's estimates that the sale of the unit would generate above Taiwan dollar 6.7 billion (based on its book value at the end of September 2007). Bank SinoPac is likely to continue to pursue a prudent growth strategy, and the credit profile of the bank will not...
Companies mentioned in this report are: Bank SinoPac,SinoPac Holdings
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
|
|
|
|
