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Banco Espirito Santo S.A. Aug 01
Standard & Poors, Aug 2001
Abstract
The ratings on Banco Espirito Santo, S.A. (BES) are underpinned by the bank's strong position in the Portuguese banking sector, innovative commercial approach, sophisticated management information systems, adequate profitability, and strong asset-quality track record. The ratings also take into account BES's weak capitalization, and growing recourse to more volatile purchased funds to finance its ongoing expansion. BES is the third-largest Portuguese banking group. Since its privatization in 1991, when the Espirito Santo family (which owned the bank prior to its nationalization in 1975) acquired an indirect controlling stake, BES has followed a successful organic growth strategy (while the market underwent several consolidation waves) mainly geared at retail banking; specifically, while BES has historically had a strong position in the middle...
Companies mentioned in this report are: Banco Espirito Santo S.A.,Banco Espirito Santo North America Capital Corp.,Espirito Santo Overseas Ltd.,BES Finance Ltd.,Companhia de Seguros Tranquilidade S.A.,Espirito Santo Financial Group S.A.,Banque Espirito Santo et de la Venetie
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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