Strengths:
• Strong franchise in French retail banking and insurance market.
• Moderate risk profile, benefiting from the large proportion of low-risk
residential housing lending.
• Satisfactory risk-adjusted capitalization.
Counterparty Credit Rating
A+/Stable/A-1
Weaknesses:
• Diversification benefits from recent acquisitions and development in consumer financing yet to be seen.
• Moderate growth potential and stiff competition in the French domestic banking market.
• Still potential sensitivity to market volatility, stemming from legacy securitization portfolio.