CCB has successively set up wealth management subsidiaries, and those previously set up as asset management subsidiaries should be changed
Our reporter Mao Yuzhou
Recently, Bank of China and bank for economic construction Successive announcements were issued announcing the establishment of a wealth management subsidiary. The registered capital of Bank of China's wealth management is planned to be no more than 10 billion yuan, the registered place is planned to be Beijing, the registered capital of CCB's wealth management is planned to be no more than 15 billion yuan, and the registered place is planned to be Shenzhen, Guangdong Province.
The reporter of Securities Daily found that while two major banks issued announcements, Bank of Ningbo The Proposal on Changing the Name of the Proposed Asset Management Company was issued, and the original name of "Ninghang Asset Management Co., Ltd." was proposed to be changed to "Bank of Ningbo Wealth Management Co., Ltd." or "Ningyin Wealth Management Co., Ltd.".
Dong Ximiao, a senior researcher of Chongyang Institute of Finance, Renmin University of China, told the reporter of Securities Daily that according to the Administrative Measures for Financial Management Subsidiaries of Commercial Banks (Draft for Comments), many former financial management subsidiaries whose names are asset management companies should change their names. After the formal issuance of the administrative measures, the first batch of financial management subsidiaries should be settled quickly.
Large banks avoid internal competition
A few days ago, Guo Shuqing, chairman of the China Banking Insurance Regulatory Commission, revealed that the Measures for the Management of Financial Management Subsidiaries of Commercial Banks had been publicly solicited for opinions from the public. At present, the overall response is positive and will be officially released later this month.
On November 15, Bank of China announced that it planned to invest no more than 10 billion yuan to initiate the establishment of Bank of China Wealth Management Co., Ltd., which will be managed as a wholly-owned subsidiary. The business scope is to publicly issue financial products to the unspecified public, and to invest and manage the entrusted investors' property; Private issuance of wealth management products to qualified investors and investment and management of entrusted investors' property; Financial advisory and advisory services; Other businesses approved by the banking regulatory authority under the State Council.
The next day, CCB also announced that it plans to set up CCB Wealth Management Co., Ltd. with a registered capital of no more than 15 billion yuan, which is a wholly-owned subsidiary.
Compared with the previous joint-stock banks have set up asset management subsidiaries, the two state-owned banks announced the layout of wealth management subsidiaries is still slightly slow. Previously, the head of asset management of a large state-owned bank said that after the establishment of a subsidiary, customers and resources should still come from the parent bank. How to clarify various relationships is still unclear.
Zhou Guannan, an analyst with Huachuang Securities, believes that there are still big differences in the views of large, small and medium-sized banks on financing subsidiaries. Joint stock banks and agricultural commercial banks with large financial management businesses or actively prepare subsidiaries in order to obtain more competitive regulatory conditions in the asset management industry. Large state-owned banks and commercial banks with holding fund companies (subsidiaries) need to consider the positioning difference and competitive relationship between the establishment of subsidiaries and existing fund companies to avoid internal competition; Chengnong commercial banks with small financial business scale should consider whether to apply for financial subsidiaries, including whether to meet the relevant establishment conditions and cost-benefit ratio, and even some small banks may withdraw from the asset management market and return to the bank's deposit and loan business in the future.
Shen Wanhongyuan It is believed that there is still uncertainty about the division of labor and positioning of financial management subsidiaries and the relationship with the parent company. The joint-stock banks act quickly, and many banks are big banks with complete asset management systems. In addition, there is a certain degree of competition in the business among the banking funds, fund subsidiaries and wealth management subsidiaries, which makes the internal division of labor and competition of the banking asset management institutions more intense.
The renaming tide of asset management companies is coming
At the same time that the big bank announced the establishment of a wealth management subsidiary, Bank of Ningbo announced that it would adjust the name of the proposed asset management company, changing the original name "Ninghang Asset Management Co., Ltd." to "Bank of Ningbo Wealth Management Co., Ltd." or "Ningyin Wealth Management Co., Ltd.", The changed name shall be subject to the reply of the regulatory authority and the approval of the industrial and commercial registration authority. The bank announced in May that it planned to invest 1 billion yuan to establish Ninghang Asset Management Co., Ltd.
Bank of Ningbo is also the first bank to change its name to a related subsidiary after the issuance of the Administrative Measures for Financial Management Subsidiaries of Commercial Banks (Draft for Comments). Dong Ximiao believes that there are many financial institutions named after asset management, which is easy to cause differences. From the perspective of supervision, there may be consideration in this regard. Banks applying for setting up asset management companies in the future should all change their names.
Since April this year, the regulatory authorities have successively issued the Guiding Opinions on Regulating the Asset Management Business of Financial Institutions, the Measures for the Supervision and Management of Financial Management Business of Commercial Banks, and the Measures for the Management of Financial Management Subsidiaries of Commercial Banks (Draft for Comments). During this period, banks have always set up asset management subsidiaries.
According to the Administrative Measures for Financial Subsidiary of Commercial Banks (Draft for Comments), the financial subsidiary is a non bank financial institution set up by commercial banks to engage in financial management business. Its business scope mainly includes the issuance of publicly raised financial products, private financial products, financial advisers and consulting, etc. It is not allowed to absorb deposits or issue loans. In order to be close to supervision, many subsidiaries set up by banks may need to be renamed.
According to the statistics of Securities Daily, most of the franchised institutions applied by banks for establishment after April this year are named after asset management, such as Bank of Communications BOCOM Asset Management Co., Ltd. to be established Ping An Bank Pingyin Asset Management Co., Ltd. to be established, Shanghai Pudong Development Bank For the proposed Puyin Asset Management Co., Ltd., some banks have announced the establishment of asset management subsidiaries, but have not named the asset management subsidiaries.
Differentiation of small and medium-sized banks
According to regulatory requirements, in the next step, commercial banks can carry out asset management business by setting up financial management subsidiaries in combination with strategic planning and their own conditions, in accordance with the principle of commercial voluntariness, or they can choose not to set up new financial management subsidiaries, but to integrate financial management business into other subsidiaries that have already carried out asset management business.
During a recent visit by the reporter of Securities Daily, we found that small and medium-sized banks have a large difference in their positioning for future bank asset management business. Previously, according to regulatory requirements, commercial banks should establish subsidiaries with independent legal status to carry out asset management business, and the registered capital of bank financing subsidiaries should be at least 1 billion yuan.
This also means that small and medium-sized banks that do not have the ability to build investment research teams may be transformed into sales channels on a commission basis in the future. According to the reporter's visit, some banks have made clear their own positioning and said they would not set up a team alone, but some banks that are not large in size said they would still insist on selling their own wealth management products in the future, but held a wait-and-see attitude towards team building.
"As for the new asset management rules, many small and medium-sized banks did not interpret them in a proper way, that is, they did not put their position clearly and became a sales channel. Without their own financial products, the loss of customers would inevitably result, which is what banks would not like to see," said a farmer merchant.
Editor in charge: Yang Qun
