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Bank SinoPac Nov 06
Standard & Poors, Nov 2006
Abstract
Above-average asset quality Adequate capitalization Prudent risk controls Small business scale Mediocre profitability The ratings reflect Bank SinoPac's above-average asset quality, adequate capitalization, and prudent risk controls. Counterbalancing factors include the bank's small size by international standards and mediocre profitability. Bank SinoPac is a core subsidiary of SinoPac Holdings (BBB-/Stable/A-3). It and its sister company, International Bank of Taipei (IBT), together accounted for about 75% of the group's net worth and profit in 2005. The two banks are scheduled to merge in November 2006, with Bank SinoPac as the surviving entity. The merger is expected to expand Bank SinoPac's domestic market presence, but translating the impact into bottom line growth is likely to take time. Bank SinoPac has above-average asset...
Companies mentioned in this report are: Bank SinoPac,SinoPac Securities Corp.,SinoPac Securities Co. Ltd.,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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