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Bulletin: Swedbank AB Ratings Unchanged By TAS-Kommerzbank Acquisition Feb 07
Standard & Poors, Feb 2007
Abstract
LONDON (Standard & Poor's) Feb. 8, 2007--Standard & Poor's Rating Services said today that its ratings and outlook on Swedbank AB (A+/Stable/A-1) are unchanged following yesterday's announcement of an agreement to acquire Ukraine-based TAS-Kommerzbank (not rated). With the transaction expected to close in the second half of 2007, TAS will account for a relatively small part of Swedbank's earnings. Nevertheless, the purchase price of $735 million is the equivalent of about 9% of its capital, reflecting substantial goodwill. As Swedbank's first foray into Ukraine, TAS will represent its continuing diversification outside Scandinavia, and follows the purchase of the 40% minority in Baltic subsidiary, Hansabank, in 2005. Given also an existing presence in Russia, the acquisition will bring greater exposure to...
Companies mentioned in this report are: Swedbank AB
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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