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Banca del Gottardo Sep 03
Standard & Poors, Sep 2003
Abstract
The ratings on Banca del Gottardo (Gottardo)--a Swiss private bank based in the Italian-speaking canton of Ticino--reflect its solid franchise, good liquidity, and improving asset quality. Profitability deteriorated rapidly in 2001 and 2002, however, mainly as a result of difficult equity market conditions, although results for the first half of 2003 promise recovery. With its headquarters in Lugano, Gottardo specializes in offshore banking mainly for Italian private investors, but also for the other major continental European countries. It is also expanding onshore activities beyond its Swiss franchise by building a presence in other European countries, including Italy and France. At end-June 2003, Gottardo had assets under control of Swiss franc (SFr) 37.8 billion ($27.2 billion). In addition to private banking,...
Companies mentioned in this report are: Banca del Gottardo,Swiss Life AG
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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