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Banque D'Orsay Jul 01
Standard & Poors, July 2001
Abstract
Banque d'Orsay's overall performance continues to reflect general stability, with sustained growth in operating profitability, sound asset quality, and satisfactory capitalization. Wholly owned by Westdeutsche Landesbank Girozentrale (WestLB; AA+/Negative/A-1+), Banque d'Orsay is a specialist niche bank engaged in third-party funds management, proprietary (arbitrage) trading, and private banking. The bank maintains a strategy that is based on offering primarily long-term, high-margin products. The success of this strategy continues to provide for sustained, although modest, growth in funds under management, with commissions earnings in this business contributing to stability in operating revenue. Although of a less recurrent nature as business is volume-driven, Banque d'Orsay's arbitrage activities have also contributed to the progression in revenues. The bank's operating efficiency, previously pressured by high...
Companies mentioned in this report are: Banque d'Orsay,WestLB AG (Unsolicited Ratings),Rheinland-Pfalz Bank,North Rhine-Westphalia (State of),WestLB Finance Curacao N.V.,WestLB Finance Nederland B.V.,WestLB Finance USA Inc.,LB Rheinland-Pfalz Finance B.V.
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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