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BPCE Jan 10
Standard & Poors, Jan 2010
Abstract
Highly systemically important bank in France, which we classify as a supportive country under our methodology. Our expectations of strong support from the French government. Leading franchise in domestic retail banking. Challenges in reducing Natixis' large and risky legacy portfolio. Likelihood of poor core profitability in 2009 and subdued, although improving, earnings in 2010. Execution risk in completing the merger between Groupe Banque Populaire and Groupe Caisse d'Epargne. BPCE is the central body and main funding bank 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 Caisse d'Epargne (GCE) and Groupe Banque Populaire (GBP). Standard & Poor's views Groupe BPCE...
Companies mentioned in this report are: BPCE,Credit Foncier de France,Natixis S.A.,Caisses d'Epargne Participations,Socram Banque,BRED-Banque Populaire,Banque Tuniso-Koweitienne,Compagnie de Financement Foncier,Compagnie Europeenne de Garanties et Cautions
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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