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Banque Federative du Credit Mutuel Dec 05
Standard & Poors, Dec 2005
Abstract
Strong franchise of parent group CMCEE-CIC in the French retail-banking market; Proven expertise in the non-life insurance business; Successful restructuring of CIC following its acquisition in 1998; Sound asset quality, which benefits from the low-risk nature of CMCEE's loan portfolio and the improved profile of that of CIC; and Satisfactory financial performance, in spite of CIC's equity derivative-related losses in 2004-2005. Significant investments in new branch openings that have not yet resulted in a parallel growth in revenues; Lack of critical mass and expertise in sophisticated capital market businesses, which is expected to be offset by the recently announced sharp cut in such activities; and Continued need to strengthen market risk monitoring. The ratings on Banque F-d-rative du Cr-dit Mutuel...
Companies mentioned in this report are: Banque Federative du Credit Mutuel,Credit Industriel et Commercial,CIC Finance (DE) Inc.,CIC Funding,Banque Transatlantique,Banque CIO,Lyonnaise de Banque,Banque Scalbert Dupont,Societe Bordelaise de CIC,Credit Industriel de L'Ouest,Banque CIN,Banque SNVB,Assurances du Credit Mutuel IARD S.A.,Banque CIAL,Banque de l'Economie du Commerce et de la Monetique
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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