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BPCE Apr 11
Standard & Poors, April 2011
Abstract
Second-largest retail bank in France. Well-anchored and solid franchise in main business of retail banking. Overall moderate risk profile. Near-term earnings prospects below underlying capabilities amid moderate economic growth and low long-term interest rates. Second-tier player in CIB. Natixis' large and risky legacy portfolio. BPCE is the main funding bank and the central body of the French cooperative banking group Groupe BPCE. The ratings on BPCE reflect its core membership in Groupe BPCE, which resulted from the summer 2009 alliance between Groupe Banque Populaire (GBP) and Groupe Caisse d'Epargne (GCE). In our opinion, Groupe BPCE's ratings strengths rely on its prominent position in retail banking in France and overall moderate risk profile. Weighing on BPCE's stand-alone ratings are, in our...
Companies mentioned in this report are: BPCE,Credit Foncier de France,Natixis S.A.,Socram Banque,Locindus S.A.,BRED-Banque Populaire,Natixis Financial Products LLC,Banque Tuniso-Koweitienne,Compagnie de Financement Foncier,Compagnie Europeenne de Garanties et Cautions,Natixis Australia Pty 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
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