Research Update: First Commercial Bank Ltd. 'BBB+/A-2' Ratings Affirmed On Revised Criteria; Outlook Stable Dec 11
- Language: English
- Published: December 2011
The ratings on First Commercial Bank Ltd. (FCB) reflect the bank's established franchise with a degree of implicit support from the Taiwan [AA-/Stable/A-1+, cnAAA/cnA-1+ (Unsolicited Ratings)] government given the bank's systemic importance to the island's financial system, satisfactory funding and liquidity profile, and adequate capitalization. Counterbalancing factors include the bank's moderate profitability and concentrated business profile by international standards. FCB has a well-established franchise and good domestic market position. The bank ranks fifth largest in terms of total domestic banking system assets and is the largest local bank in terms of custody business and second largest for trust assets. FCB's island-wide network and extensive customer base provide solid franchise value and a stable deposit-funding base. In addition, we believe the...
Companies mentioned in this report are: First Commercial Bank Ltd.
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