Standard & Poor's (S&P) Ratings Services announced yesterday that it has raised its outlook for Chinatrust Commercial Bank (
"The larger private-sector banks in Taiwan continue to challenge government-linked banks for market position. Among the more successful private-sector banks are Chinatrust Commercial Bank and Bank SinoPac," S&P said in a statement released yesterday.
Chinatrust Commercial is poised to benefit from its strengthening business franchise, while Bank Sinopac's business profile has improved in terms of an increased diversification of revenue sources and market share, the ratings firm said.
As a result, S&P revised its outlook on Chinatrust Commercial Bank's long-term counterparty credit rating to "BBB+" positive from stable, and raised its counterparty credit ratings on Bank Sinopac to "BBB/A-2" from "BBB-/A-3," with a stable outlook.
Accordingly, S&P also raised its outlook rating for Chinatrust Financial Holding Co (
The ratings firm also upgraded its long-term counterparty credit ratings on SinoPac Financial Holdings (
Last week, Fitch Ratings reaffirmed its "stable" outlook rating for SinoPac Financial after its takeover of International Bank of Taipei (
The merger is expected to boost the financial holding company's assets to about NT$1 trillion (US$31.3 billion) and lift its share of the loan and deposit market in Taiwan to 3.6 percent after the deal is completed next year.
Meanwhile, S&P said it is notable that government-linked banks have also sought to improve their performance, and singled out Farmers Bank of China (
S&P raised the bank's long-term counterparty credit rating to "BB+" from "BB" with a stable outlook.
The highest rated bank in Taiwan remains the wholly government-owned Bank of Taiwan (台灣銀行), the ratings firm said.
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