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Banca del Gottardo Dec 05
Standard & Poors, Dec 2005
Abstract
Sound local franchise overall; Improved asset quality and satisfactory capitalization; and Increased involvement of parent Swiss Life in strengthening core private banking business, which should boost earnings. Negative market pressures on revenues and asset inflows; Dispersed business structure that weighs on costs. The ratings on Switzerland-based Banca del Gottardo (Gottardo) reflect the bank's solid franchise, improving asset quality, and satisfactory capitalization, together with support from its parent Swiss Life/Schweizerische Lebensversicherungs- und Rentenanstalt (Swiss Life; A-/Stable/--). Standard & Poor's Ratings Services does not consider Gottardo to be core to its parent group's operations. Nevertheless, Swiss Life's recent approval of Gottardo's new strategic plan confirms the stabilization of its position within the Swiss Life group. Support from the Swiss Life group translates...
Companies mentioned in this report are: Banca del Gottardo,Swiss Life AG,Soc. Suisse d'Ass. generales sur la Vie Humaine (Swiss Life French Branch),Swiss Life AG, Niederlassung fuer Deutschland,Swiss Life Holding
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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