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BPCE Jul 10
Standard & Poors, July 2010
Abstract
High systemic importance in France, which we classify as a supportive country under our methodology. Second-largest retail banking franchise in France. Overall moderate risk profile. Difficulties in reducing Natixis' large and risky legacy portfolio. Near-term earnings prospects below underlying capabilities, albeit recovering. Execution risk in completing the merger between Groupe Banque Populaire and Groupe Caisse d'Epargne in a tough operating environment. 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 alliance in summer 2009 between Groupe Banque Populaire (GBP) and Groupe Caisse d'Epargne (GCE). In our opinion, Groupe BPCE has high systemic importance in France, particularly...
Companies mentioned in this report are: BPCE,Credit Foncier de France,Natixis S.A.,Socram Banque,Locindus S.A.,Credit Foncier et Communal d'Alsace et de Lorraine-Banque,BRED-Banque Populaire,Natixis Financial Products LLC,Banque Tuniso-Koweitienne,Compagnie de Financement Foncier,Credit Foncier et Communal d'Alsace et de Lorraine - Societe de Credit Foncier,Compagnie Europeenne de Garanties et Cautions,Natexis Banques Populaires Capital Trust III,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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