...Group Ratings: Fitch Ratings assigns group ratings to Oddo BHF SCA and Oddo BHF SE (together Oddo BHF), which are the group's core banks. This is because we believe the credit profiles of the two entities cannot be separated and their failure risk is substantially the same. Their ratings therefore move in tandem. The ratings benefit from the group's presence in the large and wealthy economies of France and Germany. They also reflect slightly lower profitability than that of international peers active in asset management (AM) and wealth management (WM), as well as generally sound loan quality. The ratings incorporate Oddo BHF's moderate risk appetite, sound capital buffers and adequate funding and liquidity. Small but Adequate Franchise: Oddo BHF is well established in European WM and AM, despite its smaller scale compared with market leaders, with assets under management (AUM) of about EUR140 billion. In corporate and investment banking (CIB), it focuses on niche segments where it has some...
