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Banque Federative du Credit Mutuel Sep 07
Standard & Poors, Sep 2007
Abstract
Strong franchise of parent group CMCEE-CIC in the French retail-banking market Proven expertise in bancassurance Sound asset quality Satisfactory financial performance Successful restructuring of CIC Pressure on the interest margin due to the growing proportion of residential housing loans Only recent strengthening of market risk controls following CIC's equity derivative-related losses in 2004-2005 Rapidly growing funding needs, although well-managed The ratings on Banque F-d-rative du Cr-dit Mutuel (BFCM) are based on its core position as the funding arm of the French regional retail-banking group Cr-dit Mutuel Centre Est Europe - Cr-dit Industriel et Commercial (CMCEE-CIC). In Standard & Poor's Ratings Services' view, BFCM's credit risk mirrors that of its parent, CMCEE-CIC, given the bank's total operational integration within the parent...
Companies mentioned in this report are: Banque Federative du Credit Mutuel,Credit Industriel et Commercial,CIC Finance (DE) Inc.,CIC Funding
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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