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推荐二篇关于国际银行参股中国建设银行的文章 -- 游客 - (616 Byte) 2004-1-13 周二, 04:00 (1297 reads) |
安普若
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加入时间: 2004/02/21
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作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Citigroup, Deutsche May Buy China Construction Stake (Update4)
Jan. 12 (Bloomberg) -- Citigroup Inc. and Deutsche Bank AG offered to buy stakes in China Construction Bank, the nation's No. 3 lender, as they compete for a role in arranging its $5 billion overseas share sale, bankers familiar with the plan said.
Citigroup's offer is part of its pitch to win an advisory role, the bankers said, asking not to be identified. The offer to buy a stake in the Beijing-based lender was later matched by Deutsche Bank, they said.
China Construction's sale would generate $175 million in fees based on a standard 3.5 percent of the proceeds. It would be the first of China's four-biggest banks to sell shares publicly. Investment banks are competing for business in China, which plans to sell $50 billion of assets overseas in the next decade.
``Banks will try any means possible to influence the company's decision because no one knows exactly which is the most important selection criteria,'' said Roy Chan, chief Shanghai representative at DLA Group, a law firm that advises companies on share sales and mergers. ``The investment plan demonstrates their confidence in China's determination to reform state-owned banks.''
Citigroup, the world's largest financial services company, and Deutsche Bank, Europe's second-biggest bank, didn't specify the size of stake they'd be willing to purchase, the bankers said. Deutsche Bank spokesman Michael West declined to comment, while Richard Tesvich, a spokesman at Citigroup, declined to comment.
Big-Name Boosters
Investment banks are sending their most influential executives and counselors to China to win business from the government. J.P. Morgan Chase & Co. is relying on former U.S. Secretary of State Henry Kissinger, who arranged diplomatic relations between the U.S. and China in 1972, according to bankers familiar with the sale.
Citigroup last Thursday held a risk management seminar with Construction Bank in Beijing, bankers involved said. Citigroup Chief Executive Charles Prince, Vice Chairman Stanley Fischer and former U.S. Treasury Secretary Robert Rubin, who chairs the bank's executive committee, were among the speakers.
HSBC Holdings Plc. employs Cheung Kei-kong, the son of Construction Bank's president, as a banker in its corporate finance department, the bankers said.
Partnership
The mandate to manage the initial public offering, due later this year, will probably be awarded to Morgan Stanley, and China International Capital Corp., the U.S. firm's China venture with Construction Bank, plus one other bank, the bankers said.
The Chinese lender needs partners ``to help train up its staff and upgrade its risk management system,'' said Steven Chan, an analyst at GK Goh Securities HK Ltd.
GK Goh's Chan said the partnership was unlikely to clash with the operations the two banks already have in China. Citigroup's proposed investment in Construction Bank would be made by the parent and not the banking arm to avoid such a conflict, one of the bankers said.
Citibank NA, Citigroup's commercial-banking arm, last year signed an exclusive agreement to buy a 5 percent stake in Shanghai Pudong Development Bank Co., China's second-largest publicly traded lender. Citigroup last month received a license to offer China's first foreign-branded yuan credit cards with Pudong Bank which was formed in 1993.
Deutsche Bank doesn't have a retail operation in China.
AIG's Purchase
The purchase would mirror strategic stakes taken by American International Group Inc. and other overseas investors in share sales by Chinese companies. American International bought a 9.9 percent stake in PICC Property & Casualty Co., the first Chinese insurer to sell shares overseas, as part of a 15-year agreement to jointly develop health and accident insurance products.
China's economy, the world's sixth-largest, has expanded at an average rate of 9.3 percent for the past decade, luring investors to its share sales. China Life Insurance Co. attracted orders for $80 billion of stock in last month's $3 billion sale, the world's biggest IPO in 2003.
Construction Bank received a $22.5 billion Chinese government bailout last month to help prepare for the sale. The lender cut bad loans by 19.6 billion yuan ($2.4 billion) in the first half of 2003 to 12.9 percent of total lending, and aims to reduce the ratio to 10 percent by the end of this year.
J.P. Morgan, HSBC
China's four biggest banks, which also include Industrial & Commercial Bank of China, Bank of China and Agricultural Bank of China, cut their combined bad-loan ratio to 16.9 percent of total lending at the end of 2003, according to the China Banking Regulatory Commission.
Bank of China is planning to sell shares overseas in 2005.
Last Updated: January 12, 2004 06:49 EST
Watch BLOOMBERG TELEVISION morning programs on E! beginning Jan. 1.
作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 推荐二篇关于国际银行参股中国建设银行的文章 -- 赶时髦 - (616 Byte) 2004-1-13 周二, 04:00 (1297 reads) - Citigroup, Deutsche May Buy China Construction Sta -- 安普若 - (9918 Byte) 2004-1-13 周二, 05:48 (320 reads)
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