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Absa Bank Ltd. Nov 07
Standard & Poors, Nov 2007
Abstract
The public information ('pi'; unsolicited) rating on Absa Bank Ltd. reflects the bank's strategic importance to its majority shareholder U.K.-based Barclays Bank PLC (Barclays; AA/Stable/A-1+), strong retail position in the South African market, solid financial profile, and dominant position within Absa Group Ltd. (Absa), one of the largest financial service providers in South Africa. The rating continues to be constrained by the socioeconomic and competitive challenges of operating in South Africa and growing competition. Absa is benefiting from integration into Barclays' strong risk-management culture, and from Barclays' value-based management framework and economic profit targeting. In the first half of 2007, the cooperation with Barclays had already resulted in gross cost savings of South African rand (ZAR) 650 million through value-adding...
Companies mentioned in this report are: Absa Bank Ltd. (Unsolicited Ratings),Barclays Bank PLC,Barclays Global Investors Trust & Banking Co. Ltd.,Barclays Private Clients International Ltd.,Barclays Bank Ireland PLC,Barclays Bank Mexico S.A. ,Barclays PLC
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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