...IDRs Equalised With Parent's: CIC's IDRs are aligned with those of its 94% shareholder, CM11-CIC (A+/Stable), reflecting Fitch Ratings' opinion that CIC is a core subsidiary of CM11- CIC. Fitch considers that there would be an extremely high probability of support from CM11- CIC, if required. Core Subsidiary of CM11-CIC: CIC is an integral part of CM11-CIC. It is CM11-CIC's largest subsidiary. It handles all its corporate and investment banking (CIB) activities and forms part of its core retail banking business. Any sale is hard to conceive and would drastically alter the overall shape of CM11-CIC. Key to CM11-CIC's Strategy: CIC supports the group's strategy of deploying its retail banking and insurance business model. CIC has a well-established brand in France. It has a 6% market share in French retail banking (and thus contributes around half of CM11-CIC's share). CIC also runs specialised finance subsidiaries such as leasing, factoring and asset management. Strong Integration: CIC is...
