...Standalone Strength Drives IDR: The Long-Term IDR and Viability Rating (VR) of CM11-CIC are driven by the group's healthy franchise in French retail banking, prudent strategy, low risk profile, satisfactory funding and liquidity and strong capitalisation. CM11-CIC is not a legal entity, but Fitch Ratings bases its analysis on consolidated group figures because of solidarity mechanisms within the group. Cooperative Banking Group: In Fitch's view, the fact the group has only cooperative shareholders removes it from excessive market return pressure and contributes to a prudent strategy, which defines CM11-CIC's culture. Retail Dominates Business Mix: CM11-CIC is France's third-largest retail bank and has a healthy domestic retail banking franchise (13.5% market share in lending). Retail banking (including small subsidiaries in Germany and Spain) consistently represents the bulk of operating profit, but the group also has a strong franchise in insurance, with products sold through the branch...
