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Caisse Centrale du Credit Mutuel Nov 08
Standard & Poors, Nov 2008
Abstract
Strong domestic retail banking franchise Successful bancassurance strategy Recurring retail banking and insurance revenues Sound asset quality, benefiting from the large proportion of low-risk residential-housing lending Business focus on domestic banking activities Solid capital base Declining domestic retail profitability Performance hampered by market activities Rapidly growing funding needs, although well-managed Weaker stand-alone positions of some individual member banks The ratings on France's Caisse Centrale du Cr-dit Mutuel (CCCM) and related entities are based on a consolidated analysis of the Cr-dit Mutuel-CIC group (GCM). The group consists of 18 regional Cr-dit Mutuel cooperative bank federations (the federations) and Cr-dit Industriel et Commercial (CIC; A+/Stable/A-1), which the Cr-dit Mutuel Centre Est Europe federation (CMCEE) acquired in 1998. Those two entities and three...
Companies mentioned in this report are: Caisse Centrale du Credit Mutuel,Credit Industriel et Commercial,Banque Federative du Credit Mutuel,Credit Mutuel Arkea,Compagnie Financiere du Credit Mutuel,Caisse Federale de Credit Mutuel d'Anjou,Caisse Federale du Credit Mutuel Ocean,Caisse Federale du Credit Mutuel Nord Europe,Caisse Federale de Credit Mutuel de Normandie,Caisse Federale du Credit Mutuel Antilles-Guyane,Caisse Federale du Credit Mutuel Midi-Atlantique,Caisse Federale du Credit Mutuel de Maine-Anjou Basse Normandie,Caisse Federale du Credit Mutuel de Loire Atlantique et du Centre Ouest,Caisse Federale du Credit Mutuel du Centre,Caisse Interfederale de Credit Mutuel sud Europe Mediterranee
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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