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BRED - Banque Populaire May 10
Standard & Poors, May 2010
Abstract
Core member of the Banque Populaire group. Good retail franchise in selected regions. Very sound financial profile, supported by strong capitalization, sound funding profile, and resilient earnings. Conservative risk culture. Acquisitive strategy outside mainland France entailing some execution and credit risks. Volatility in earnings stemming from material contribution from capital market activities. Some exposure to vulnerable business segments, such as small and midsize enterprises or entrepreneurs. The ratings on France-based BRED - Banque Populaire (BRED) are primarily based on the bank's core membership in the French cooperative banking group Groupe BPCE, of which BPCE (A+/Stable/A-1) is the central body and main funding bank. The ratings also recognize Standard & Poor's Ratings Services view of the bank's good regional retail franchise,...
Companies mentioned in this report are: BRED-Banque Populaire,BPCE
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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