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Caisse Centrale du Credit Mutuel Oct 04
Standard & Poors, Oct 2004
Abstract
Strong domestic retail banking franchise; Cr-dit Mutuel-CIC ranks among the three largest retail banking groups; Sound risk profile; CIC's higher risk SME loan portfolio is well balanced by the enlarged group's lower-risk large residential-housing portfolio; Recurring operating profitability, with robust and recurring earnings generation capacity in French retail banking more than balancing the inherent volatility of the market-sensitive wholesale business; Very satisfactory capital base, even taking into account that part of it is tied into the group's insurance business; and Successful--albeit slow--turnaround of CIC. Weaker standalone positions of individual member banks, offset by intragroup partnership agreement and support; and Overriding ambition to grow, which--although positive for the group's franchise--weighs on its cost base. The ratings on French Caisse Centrale du...
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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