1、 外文翻译 Foreign banks in China Material Source: PwC Author: PwC Foreign banks fail to gain extra traction The 2009 stimulus plan and lending surge by domestic banks (overall an increase of 26% in assets in 2009) had a major impact on the activities of the foreign banks and their ability to further pen
2、etrate the Chinese banking market. Despite the surge and economic stimulus the foreign banks failed to gain any extra market traction. While they have continued to be proactive in seeking out new opportunities, they remain challenged by policy constraints that dictate the pace, scope and direction o
3、f their market penetration. Meanwhile, the domestic banks continue to add to their service offerings as they steadily evolve towards more broadly based multi-service institutions. Examples of this include direct investments in new lines such as fund management and insurance. In contrast, the foreign
4、 banks are required to navigate a much narrower space. Their primary method of expansion remains organic growth. In the first half of 2009, foreign bank lending declined, in part because of competition from domestic banks and in part because foreign companies in China reduced their borrowing needs.
5、As a result, foreign banks market share declined. Their overall market share remains around 2% and half of the 42 participants in this survey predict that it will remain the same in 2010. Reasons given for the lack of growth in market share included an unlevel playing field, economic factors and a l
6、imited product offering. Against this challenging operating environment, the participants continue to believe strongly in the future opportunities of the Chinese financial services market. Different approaches to the market -Local incorporation Foreign banks continue to select the option to transiti
7、on from branch status to local incorporation. Over 30 foreign banks are now locally incorporated and predictions in 2010 regarding this option are more optimistic than those recorded in last years report. Three quarters of the respondents anticipate more than 40 locally incorporated banks and about
8、a third believe the number could rise above 50 by 2011. Some banks that had previously believed that incorporation was too onerous have altered their strategies. One respondent argued that the capital requirements to operate two or more branches persuaded them to choose local incorporation. (The min
9、imum capital requirement for each branch is RMB 200 million). Another participant said the ability to offer a deeper product range had changed their thinking. This bank valued the opportunity to offer RMB bonds. Banks that remain cautious on incorporation continue to cite the difficulty in satisfyin
10、g the 75% loan-to-deposit ratio by 2011. On this issue, opinions varied on whether the rule would be applied rigidly or phased in over a period of time. Some of the banks that embraced local incorporation early on have moved forward on network expansion. For the first time in this report the branch
11、networks of HSBC, Standard Chartered Bank, Citibank, Bank of East Asia, Hang Seng Bank, DBS and ABN AMRO are shown in the appendix. These tables illustrate how some foreign banks have expanded their ability to capture RMB deposits and gain a competitive edge. The foreign banks continue to review the
12、 most suitable way to capitalize on their strengths and develop their China presence. -Equity stakes Equity investments have been a popular route for a wide number of players and this trend is expected to continue. (Foreign banks are limited to a 20% individual share in no more than two banks). Few
13、participants question the financial success of these investments but most question whether they have been successful in the context of a broader market development. Many of the foreign banks have been unable to exert any meaningful degree of management control. However, the participants predict that
14、 foreign banks will continue to make investments in the remaining city commercial banks. -Participation in rural banking Several participants mentioned that they were interested in investing in rural commercial banks as a strategic option. For example, ANZ owns a 19.9% share in Shanghai Rural Commer
15、cial Bank and in September 2009 opened a 100% owned subsidiary, the Chongqing ANZ Rural Bank in Western China. In January 2010, news reports suggested Banco Santander and China Construction Bank (CCB) would create a financial holding company that would focus on rural banking and automobile financing
16、. CCB would hold 60% and Banco Santander the remainder. The larger foreign banks with a retail presence such as HSBC, Standard Chartered Bank and Citibank have also opened rural branches. -Diversification across the financial services sector Other financial sectors that were attractive to participan
17、ts included asset management, leasing, consumer finance, private equity and trust companies. In addition, eight foreign players now have investments in securities companies and this sector is attracting the attention of players who seek an expanded role in investment banking. Around three quarters o
18、f the participants indicated that they are interested in developing partnerships with local parties. They see this as a way to expand business without facing some of the tight regulation associated with a stand-alone foreign entity. However, as referenced above the most important development vehicle
19、 for the foreign banks continues to be the organic growth of their existing operations. In 2010, 37 banks selected this option ahead of joint ventures and acquisitions. Ongoing regulatory pressures Previous reports have emphasized the significance of the regulatory environment on the speed, directio
20、n and scope of the foreign banks progression. In this report, regulation continues to feature prominently. In a question seeking to explore the concerns of foreign bankers regarding the Chinese banking market, responses suggested many foreign bankers continue to believe that they are treated less eq
21、uitably than their domestic counterparts by the regulator. Looking to the future, the foreign banks anticipate that regulation will be tightened. In 2010, 33 banks anticipate that regulatory change will be either significant or very significant. Examples of increased tightening of regulations that t
22、he foreign banks have already experienced include new account openings, confirmation of account balances with customers, new restrictions on real estate mortgages, the loan- to-deposit ratio, wholesale funding restrictions, quotas, currency regulations, roll-out of wealth management products, onshor
23、e location of core banking systems etc. An additional challenge faced by the foreign banks is the CBRC request to track the use of funds to ensure clients are not deploying them into real estate or market investments. The foreign banks contend that they do not possess readily available mechanisms to
24、 track and monitor such movements. The continuing rise of domestic bank competition The special difficulties arising from the domestic bank lending surge have already been mentioned. While the surplus liquidity caused problems for the foreign banks in 2009, they may be impacted as the pendulum now s
25、wings in the other direction. Some foreign banks expressed concern about possible lending caps and many more expressed apprehension about the potential rise of non-performing loans (NPLs) in 2011and 2012. For the first time, the most difficult aspect of the Chinese banking industry was identified as
26、 “competition from domestic banks.” In 2008, the regulatory environment and finding and retaining good personnel were at the top of the list. In 2009, it was the regulatory environment. In 2010, competition from domestic banks is just ahead of regulatory environment and hiring and retaining personne
27、l has fallen to fifth place. Domestic banks are now considered to be formidable competitors. With their extensive branch networks and rising service expertise they are much better placed to fend off competition from foreign banks in target markets. The limited product range approved for deployment b
28、y the foreign banks means it is increasingly difficult for them to differentiate their products from their domestic counterparts. In areas such as wealth management, cards and internet banking, domestic banks are all continually lifting their game, and as one European banker reflected the only dimen
29、sion on which foreign banks can compete is by providing a superior level of service. The domestic banks are expanding their branch networks in centers such as New York, London, Paris, Frankfurt and Sydney. As a result, they are continuing to broaden their global servicing capability. Growing concern
30、s in HR In 2008, concerns about personnel shortages abated and staff turnover dropped dramatically. Many foreign bank employees seemed content to sit out the economic storm. In 2009, only four banks had turnover above 20% and 22 banks said it was below 5%. In 2010, mobility is expected to rise. 22 b
31、anks project between 10% and 20% staff turnover and five banks expect to exceed 20%. Salaries which remained fat in2009 are expected to spike upwards in 2010. 38 banks expect an increase in 2010. The expected salary increases fall between 3% and 20% but most anticipate increases in the 7% to 8% rang
32、e. Three quarters of respondents also expect bonuses (which had generally remained the same in 2009) to increase in 2010. As a result, human resource costs are expected to grow significantly in 2010, especially amongst foreign banks that continue to expand their branch networks. Reflecting the natur
33、e of the foreign banks business and desire to grow, the most critical staff function remains relationship bankers on the corporate banking side. Risk management personnel moved up one position to second place while legal/compliance was in third place. Risk management at the domestic banks The foreig
34、n banks remain positive on the CBRCs desire that the “Top Seven” domestic banks align with Basel II capital standards by the end of 2010. Some foreign bankers remain skeptical that the domestic banks will be able to meet this aggressive deadline. As a result of the 2009 lending surge Chinese banks a
35、re now engaged in a significant capital raising program. By March 2010 up to a dozen Chinese banks had announced plans to raise capital. These banks included ICBC, Bank of China and Bank of Communications. Despite concerns about loan expansion, the foreign banks recorded relatively optimistic views
36、on the current position for both corporate and consumer credit. The majority of respondents assessed the corporate credit position to be stable while consumer credit was also believed to be generally stable, although nine banks believed it was actually improving. Product opportunities -Retail bankin
37、g Retail products that are expected to experience increased demand include high net worth individuals/ private banking investment products and residential mortgages. The participants continue to believe that increasing affluence in China will spur demand for wealth management services at several lev
38、els. -Private banking and wealth management The respondents identified the top three drivers of success in private banking as strong products, top quality people and a recognizable global brand. In addition to these drivers, the participants also emphasized the need for excellent client service and
39、strong relationship building. There is a need for the foreign banks to educate their clients because many have just recently acquired their wealth, and lack the required level of knowledge and sophistication to make fully informed investment decisions. This situation requires a different approach to
40、 service promotion and delivery in China relative to mature markets. Finally, foreign banks moving into private banking need to make sure they have cutting edge systems to support and enhance their services. In May 2009, the CBRC stated that domestic and foreign banks offered a combined 4,100 wealth
41、 management products to 2.3 million clients. It is clear from the foreign bankers comments that the domestic banks are now active competitors in this segment. As a result, innovative products remain a key axis of differentiation. However, the ability to introduce innovative products into the market
42、is limited by the regulator. One North American banker, however, cautioned that wealth management services and delivery mechanisms could not be simply dropped into China. They required careful modification given the high percentage of recently affluent individuals who favored different investment ve
43、hicles and wanted to have more of a participatory role. 外资银行在中国的发展 资料来源 : 普华永道国际会计公司 作者： 普华永道国际会计公司 外资银行未能借力发展 2009 年的经济刺激计划和中资银行加大信贷投放（ 2009 年贷款总量增长26%）对于外资银行的经营活动和进一步渗入中国银行市场的能力产生了重大影响。 尽管贷款量激增并且国家出台了经济刺激计划，外资银行在拓展业务过程中并没有能够借势取得发展。外资银行在继续积极寻求新机会，但在市场开发的速度，范围和方向等各方面仍然面临严峻的政策限制。 与此同时，中资银行不断增强服务和产品开发
44、，继续稳步朝着全方位金融服务机构的方向发展。中资银行的努力特别体现在他们对新业务领域的直接投资，例如资金管理和保险。 相比之下，外资银行由于政策限 制，必须在更加狭窄的空间里寻求发展。他们的主要发展方式仍然是自身的有机增长。 2009年上半年外资银行贷款额有所下降，部分原因是中资银行的竞争，还有一部分原因是在华外资公司的贷款需求减少。因此，外资银行的市场份额出现下滑。目前外资银行的市场总份额维持在 2%左右，而参与调查的 42家受访银行中有半数认为外资银行的市场份额在 2010年将保持不变。至于市场份额减少增长的原因，受访银行给出的原因包括不平等的竞争环境，经济因素以及服务产品品种少等。 尽管
45、面临上述困难，受访银行仍然对中国金融服务市场的未来前景充满信心。 开发中国市场，外资银行各显神通 -设立境内法人机构 外资银行继续从分行向设立境内法人机构过渡。目前已有 30多家外资银行在中国设立法人机构，而在这方面，调查显示外资银行对今年预期比去年要更加乐观。 四分之三的受访银行预计今年中国市场会有超过 40 家银行设立境内法人机构，大约三分之一受访银行认为这一数字到 2011年会超过 50家。 很多以前认为设立境内法人机构过于繁琐的银行已经改变了战略。一家受访银行给出的理由是设立两家或两家以上分行所要达到的资本要过过高，这令他们转而选择设立境内法人机构（每家分行的最低资本要 求为 2亿元人
46、民币。） 另一家受访银行则表示法人机构可以使之更深入的进行市场产品开发，这让他们转变了思想。这家银行看重发行人民币债券的业务机会。 对于那些对设立境内法人机构仍持谨慎态度的银行，他们的理由仍然是在2011年满足 75%的存贷比要求存在困难。就存贷比这个问题，各受访银行意见不一，有点认为应当严格执行，而有的则认为可以在一定时间内逐步达到要求。 那些在设立境内法人机构方面先行一步的银行已经开始大力发展网络机构。汇丰银行、渣打银行、花旗银行、东亚银行、恒生银行、星展银行和荷兰银行的分行网络已经第一次的出 现在本调查报告的附录中，通过这些信息，我们可以看到部分外资银行在吸纳人民币存款和争取竞争优势方面
47、所作的努力。 外资银行仍然在不断摸索发挥自身优势和开发中国市场的最佳模式。 -参股 股权投资一直是众多行业机构的广泛采用的一个模式，普遍认为这种局面仍然继续。（目前外资银行仍须执行参股中资银行不得超过两家，单一股东参股比例不得超过 20%上限的规定。） 从投资角度来讲，外资银行参股中资银行所产生的效益毋庸置疑，但就更广泛领域的市场开发而言，大多数外资银行对参股中资银行是否取得了成功存在疑问。许多外资银行在管理控 制方面一直不能发挥任何实质的作用。 不论如何，受访银行均认为外资银行将继续投资于剩余的城市商业银行。 -发展农村银行业务 若干受访银行表示有兴趣进行战略投资。例如，澳新银行集团拥有上海
48、农村商业银行 19.9%的股权，并于 2009年 9月在中国西部设立了一家全资分支机构，即重庆澳新村镇银行。 在 2010年 1月，新闻报道透露西班牙国际银行和中国建设银行将合资组建一家金融控股公司，主营农村银行业务和汽车金融业务。中国建设银行将持有60%的股权，西班牙国际银行持有 40%的股权。 汇丰银行、渣打银行和花旗银行等经营有 零售业务的大型外资银行均已设立村镇分行机构。 -金融服务领域的多样化 对受访银行具有吸引力的其他金融领域包括资产管理、租赁、消费金融、私募股权以及信托公司。另外， 8 家外资银行目前已参股证券公司，而证券业目前正是致力发展投资银行业务的外资机构所关注的一个重要业
49、务领域。 大约四分之三的受访银行表示有兴趣与中资机构建立合作伙伴关系。他们认为这是既能拓展业务，同时可以避免作为单独外资实体须面临的严格监管可行方案。 然而，如上所述，外资银行最重要的发展方式仍然是现有业务的自身有机发展。在 2010年调查中， 37家银行首选了这种模式，然后才是合资和收购。 持续的监管压力 前度报告都强调了监管环境对于外资银行发展速度、方向和范围的重大影响。在本年度报告中，监管问题仍然是一大焦点。 在被问及外资银行对于中国银行市场的忧虑时，受访银行仍然认为他们受到的监管待遇与中资银行相比不在同一水平上。 展望未来，外资银行预计监管将会更加严格。 33家受访银行认为监管政策在 2010年会出现重大或非常重大的变化。外资银行在很多方面已经感受到了监管 力度的加强，其中包括新账户的开立、客户账户余额对账、针对房地产抵押贷款的新限制、存贷比、批发融资限制、配额、货币监管、理财产品以及在国内设立核心银行系统等。 外资银行面临的另一项挑战是中国银监会有关跟踪资金使用情况、确保客户资金不备挪用进行房地产或市场投资的要求
