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Allianz Banque Oct 11
Standard & Poors, Oct 2011
Abstract
Strategically important entity for Allianz France, French core subsidiary of the Allianz group. Close strategic and operational cooperation with parents. Strong capital position. Low-risk nature of the bulk of the loan portfolio. Marginal undiversified player with intrinsically volatile deposit base. Unproven business model. Residual exposure to risky structured credit assets and Greek sovereign debt. Weak profitability in core retail activities. The ratings on France-based Allianz Banque (AZB) primarily reflect its full membership in German insurance group Allianz (Allianz SE, core operating entities rated AA/Stable/A-1+) and its importance to the group's strategy in France through Allianz SE's core French subsidiary Allianz France (AZ France, core operating entities insurer financial strength rating AA/Stable/--). We classify AZB as a strategically important subsidiary of...
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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