...Parental Support: Fitch Ratings' Issuer Default Ratings (IDRs) and Outlook on Bank SinoPac (China) Ltd. (BSP (China)) are equalised with those of its Taiwan-based sole parent, Bank SinoPac (BSP, BBB+/Stable), reflecting Fitch's view of a continued high probability of parental support, if needed. We regard the mainland Chinese subsidiary as an integral part of the group's cross-strait financial platform in serving customers within the greater China region. A Viability Rating is not assigned to BSP (China), as it lacks a meaningful standalone franchise. Subdued Credit Growth: We expect BSP (China)'s loan growth to remain subdued in 2025 after falling 8% yoy in 9M24 due to a weak economic recovery and tepid credit demand. We expect its loan portfolio to remain dominated by corporate lending over the medium term, with an increasing focus on green finance, including solar energy, in line with its parent's strategy. The bank also aims to build its retail franchise, focusing initially on deposit...
