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BULLETIN: SinoPac Holdings, Bank SinoPac Ratings Not Affected By Proposed Merger Jul 05
Standard & Poors, July 2005
Abstract
SINGAPORE (Standard & Poor's) July 1, 2005--Standard & Poor's Ratings Services said today that its ratings on SinoPac Holdings (BB+/Stable/B) and its subsidiary, Bank SinoPac (BBB-/Stable/A-3), would not be immediately affected by the proposed merger with International Bank of Taipei (IBT), given the satisfactory credit profiles of both the SinoPac group and IBT. The merger, which will take the form of a share swap, was approved by the boards of SinoPac Holdings and IBT on June 30, 2005, and is expected to be completed by the end of 2005. However, the deal still needs to be approved by shareholders and the regulator. At the end of 2004, SinoPac Holdings had total assets of Taiwan dollar (NT$) 594.9 billion (US$17.4 billion)...
Companies mentioned in this report are: SinoPac Holdings,Bank SinoPac
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.
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