First Commercial Bank Ltd. Nov 09

Standard & Poors, November 2009

Abstract
The bank's established franchise in Taiwan's banking sector A satisfactory funding and liquidity profile The bank's adequate asset quality The degree of implicit support from the Taiwan government The bank's moderate profitability by international standards Its concentrated business profile by international standards The ratings on First Commercial Bank Ltd. (FCB) reflect the bank's established franchise, satisfactory funding and liquidity profile, adequate asset quality, as well as a degree of government support given its systemic importance to Taiwan's financial system. Counterbalancing factors include the bank's moderate profitability and concentrated business profile by international standards. Nevertheless, the bank appears stronger on these two risk factors than the domestic peer average. FCB has a good position in Taiwan's banking sector, controlling about 6%...

Companies mentioned in this report are: First Commercial Bank Ltd.,Taiwan (Republic of China) (Unsolicited Ratings),First-Aviva Life Insurance Co. Ltd.
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

First Commercial Bank Ltd.,Taiwan (Republic of China) (Unsolicited Ratings),First-Aviva Life Insurance Co. Ltd.

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