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Ma Tian Tian: Bank Asset Management Business Needs To Sail For The Two Time

2013/12/8 12:10:00 18

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Ma Xutian P: Ladies and gentlemen, Hello, everyone! Today is the first time to represent our new employer. Just now our host also said that the Bank of communications has come to take part in such activities. I am also very happy, because I have recently seen that our media, including some WeChat groups, are very concerned about the next step in the management of bank assets. There have been so many changes, including changes in regulatory bodies, changes in the market, and future financial management of banks. So I would also like to take this opportunity, I slightly modified this topic, with institutional innovation to promote the two voyage of business management. 
 first, in the past, the "a href=" http://www.91se91.com/news/index_c.asp "system" dividend "/a" has been basically released after the explosive growth of the banking financial business. The asset management business of the bank needs to be set up for the two time. Why do we say so? From 2004 to 2013, the banking industry experienced a ten year growth, from zero to ten years to 10 trillion. Basically, the size of a large joint-stock bank is increased every year, so explosive growth is not excessive. Why is banking growth so fast? There are many outlets for commercial banks, many customers and strong capital strength, so you should take it for granted. But we can see another example. All commercial banks have their own fund management companies. Basically they are all holding shares. Why can't they achieve seven or eight trillion? I think there are other reasons besides customer advantage. I want to analyze from these aspects, I think there are four aspects to support the explosive growth of banking industry's financial management. The first is the profit pricing system. As we all know, in the past, the types of financial products, including the securities dealers, including the funds, were priced by net value or assessment. The commercial banks should say that they have inherited the characteristics of the original liability type, and have adopted the pricing of the proceeds, which is a blank in the market. What is the advantage of this pricing? So it should be said that in the process of product promotion, frankly speaking, it takes a lot of advantage. The second is loose and mismatched institutional arrangements. The former media also said that the mismatch of business financing information is too severe. It may be less than a month. In the past, it is less than a month. It may be two or three months of financial products. One year, two years or even more than five years, the longer the time, the higher the earnings. Because there is no definite restriction, it takes a great initiative in the investment portfolio. This is the second advantage. 
 Third, I think for a long time, our financial products have exclusive rights to invest in non-standard products. In the past, we didn't call much. We talked about a lot of new things in the past. We used to talk about the spanfer of credit assets, the entrustment of claims and various types of income rights, but now they are all non-standard. But this kind of investment goods other management organizations are very few, only the bank management is mainly non-standard. The benefits of non-standard configuration are very clear. The second is the information system is perfect, third has the characteristics of pricing, so it has great advantages in investment valuation. 
 as we all know, liquidity is very important for financial management. With so many products in the bank, many products are non-standard, and some are bonds. Under such circumstances, the bank's dealings with customers provide sufficient liquidity guarantee for the arrangement of the liquidity of proprietary trading, thus ensuring that under the current financial market underdevelopment, the a href= "http://www.91se91.com/news/index_c.asp" > liquidity < /a > is fully guaranteed. But now these four advantages are gone. Why not? One is the pricing of profit products. We all know that since last year, brokerages, funds and insurance have implemented the great innovation of asset management business. They have entered the field of asset management by setting up a special fund management plan. The second is the arrangement of information mismatch. We need to make a one-to-one correspondence for many products. Even if the base is mismatched, there is a strict requirement for the return of investment products. The third is non-standard investment. As mentioned before, securities and fund insurance can be invested in non-standard, which is not exclusive. Now the people's Bank of China's debt companies have strict requirements, after the bank's financial products and proprietary trading can not be carried out. Today, the bonus is released. So many advantages of financial management are not available. Can we compete in the market in the future? So we propose the concept of the two set sail. This is the first part. {page_break} 
 Second, I would like to say that commercial banks have never been so eager to embrace asset management business as they are now. In the past, we talked about more, such as capital constraints, loan scale constraints, this is more obvious. But I think since last year, commercial banks should say that this restriction is more stringent than before. Let us sum up that in recent years, because of the special monetary policy, including some regulatory policies on banks, in fact, we call these two very strict management indicators such as loan scale management and loan to deposit ratio management. Objectively, commercial banks have formed a business model. We have summed up that it is called "deposit enrichment point", and put aside loans and loans to deposit profits. So at the end of this quarter, at the end of the six months and the end of the year, all banks are issuing various kinds of financial products, preserving financial products and enriching points, and we will increase profits by increasing lending. But I have been doing this research recently. Now this mode should be ended. Why do I say so? Why do I say this? One is the deposit enrichment point. This is not enough. Why? Before Xu Yang has already said that this year, the non bank or non-traditional forms of financial leasing are very serious in asset management, including our < a href= "http://www.91se91.com/news/index_c.asp" > balance treasure < /a >, I heard that it has broken through five hundred billion recently. Including the trust scheme some new formats, for traditional banks, it should be said that the deposits of customers diversion is very serious. In fact, in almost all commercial banks, this year's deposits are negative growth. They can not be enriched. They will be fined if they are found. We also know that the present two cases, one is the present situation, and one is just before last year, it should be said that, since last year, it should be said that with the decline of China's economic growth, the risk of the downlink of the real economy is very large, so the commercial bank voluntarily contracted the impulse of credit. Now it is obviously reduced, the large commercial banks in the last few years have increased the scale of 80 billion billion each year, and now only have a 2. 3 trillion loan. This decline is very obvious. 
 another constraint is capital constraint, which is very strict now. This is very clear to everyone. The increase of capital in two years is very difficult. Stock can not be issued. Recently, there has been a preference stock, but there is still a process. Ordinary capital has also stopped, but this process is very slow, so capital constraints are unprecedented strict. 
 Third, to increase profits through lending, I think this is very difficult now. Just now, our director Wang also said that the cost of bank financing is very high. The cost of three or four months may be 5%. Now there are more than 40 financial products in the profit net industry over 6%. If you go up again, you can not meet the financial returns of everyone, so behind it is the impact of interest rate marketization. Interest rate liberalization is particularly fierce this year. On the one hand, the deposit will float downward, and the interest rate of the deposit will go up to the top. Although interest rates have been cut, interest rates for deposits have risen, and we have counted 20 to 29 points for commercial banks. Let's make a simple statistic. If we drop 20 points, assuming that 100 thousand of the assets, the spread will be reduced by 20 billion. This loss is very large. There are also 5% to 6% guaranteed cost management, which has a greater impact on loan yields after higher cost liabilities. 
 so I have cited some examples that the past enrichment point has gone nowhere, and all commercial banks are trying to spanform. The main direction of spanformation is to focus on intermediary business income. I have done a lot of statistics, and I have said on other occasions that only the asset business can really support the spanformation of commercial banks in terms of customer numbers and market space. We have counted 13 largest Asset Management Co in the world, accounting for 7 banks, and 3 of 5 Asset Management Co. In terms of the scale of assets management such as Deutsche Bank, HSBC and so on, it exceeds the scale of a href= "http://www.91se91.com/news/index_c.asp" > asset management < /a > in the table. In the income statistics of intermediary business, its revenue and asset management revenue occupy 60%, so such a business is enough to support spanformation. In the bank I served, I broke one trillion last year, so international and domestic experience shows that only asset management business can really support the spanformation of commercial banks and really lead the spanformation of commercial banks. Therefore, only embracing asset management business, including small and micro businesses, including community banks, can not form a very strong growth in the short term. Only asset management business can really support this spanformation. {page_break} 
 Third, to promote the two voyage of business by institutional and institutional innovation. We are all concerned about the future, and how to cultivate competitiveness, how to make product innovation and how to improve product performance are all very important. But in my experience, based on my past practice, I feel that what I am most worried about is not that. My experience in ICBC (3.81, 0, 0%) is like this. We have built 200 professional teams in five years. ICBC's competitive products now account for 20% of the total financial products, of which two products, last year we made a statistics, including funds, including insurance, the same competitive products entered the top five, we are second, one is fourth. Therefore, the construction of our professional team is in the capacity of research and development, but we can catch up with it. I am worried about the issue of institutional mechanisms. If this problem is not solved, I think it is really very difficult for commercial banks to launch their assets management business two times. The institutional mechanism is divided into four aspects: first, the establishment of a unified and equitable asset management system is a major problem. Many guests have talked about it. Just now, many guests have also explained that in the third Plenary Session of the 18th CPC Central Committee, recently everyone was studying the documents of the third Plenary Session of the 18th CPC Central Committee. I think the biggest benefit I got was that the whole country put forward a decisive role in the market allocation. This extension is to understand that at least there are several such items: first, the market should be interconnected, and asset management now has three asset management businesses. I most Second, all market players should be treated fairly. No matter in terms of investment, they should be treated fairly at the request of product creation. I think more recently is to really implement the principle of "no prohibition" or "freedom". If there is no provision for financial products innovation, the state regulatory authorities do not stipulate that it is not allowed to vote. Can we invest in it or simply issue a negative list to identify which inputs and which can not be invested. Therefore, in the third Plenary Session of the 18th CPC Central Committee, such an assertion should be very helpful to the development and innovation of financial management. Specifically, the bank financing market is now open. The products of insurance funds and securities dealers enter the bank's financial products, through special financial products, but banks have not entered the public market, and have not entered the exchange market. This road is blocked up. This is not a unified and fair market, nor is it a market providing national treatment. As I mentioned just now, the investment starting point of financial products investment is very large. Now the fund knows that it is one thousand yuan. Recently, Internet grassroots finance is a piece of money, bank financing is still fifty thousand yuan, and especially the largest ordinary customer group in banks, banks should provide financial services to ordinary people. But now the starting point of such a fifty thousand block greatly restricts the service of GSP, which should be very limited to bank financing. Now it is a one-way open, and banks can not enter other financial markets. Therefore, the interoperability of the market is an urgent problem we need to solve. 
 Second, we must implement the solution to the bank's financial management plan and invest in the direct investment tools. The management has always been very good. Now we are doing some basic work. It is really a basic institutional arrangement for financial management as a direct investment tool. At the end of this year's financial forum, President Shang has made it clear that bank financing should be spanformed into a direct financing tool for bonds. How can this financing tool be implemented? Recently, our regulatory authorities have launched a new breed of financial and financial instruments, but frankly, we are very scared now, for fear of causing other sectors' aversion. The institutional arrangement for direct investment in financial products is not a complete system. I think I have reported to the regulatory authorities, I said that our financial management tools were designed separately, but in the future, as a direct financial management tool, we are not only limited to financial management tools, but also can invest in the securities business management plan. But can we really set up the issuing and trading market of financing tools, and put all the direct investment financing instruments into the market. We will enlarge it again, and put the trust certificates and securities capital plans on the trading platform of such a debt company. 
There is another P. I have the experience that the direct financing market in China is now a market dominated by bonds or bond financing. Equity financing, apart from the stock exchange, including PE, including the OTC market, I think China is very scarce. Can we introduce financial management and financial management plans into the stock market as a long-term institutional investor? If we open such a stock and equity market, we should say that the financial support for the real economy we just talked about, the support of the national economic spanformation, and the support for mergers and acquisitions, such as economic restructuring or upgrading of the real economy, should be said to be very beneficial, but now there are no institutional arrangements. So I wonder if we can open investment in equity and equity financing. 
 third aspects, we must solve the problem of Asset Management Department registered in accordance with law. We have made many reports with the regulatory authorities, including director Wang, including the marketing department, to implement the fence principle. We have done a good job now. We have done a thorough job in isolating products, disclosing information, and strictly isolating customers from proprietary trading. But I think these isolation is a kind of internal management isolation, but how to truly isolate the system from the institutional level, from the capital level, from the corporate level, from the management of talent, and see the international experience, only by registering asset management into an independent corporate body can we completely solve this problem. In the future, if a financial institution directly registers as a legal person institution, it has its own capital, and all personnel management and investment risk control are carried out independently by itself. I think this will truly and thoroughly carry out such a hurdle principle and carry out the problem of risk isolation. According to the reality of China, I think the first step is to solve the financial management department and the professional departments of financial departments. Now the FTA should say that the policy of capital liberalization has been implemented. Now, what new policy breakthroughs have we made in the CBRC next step in the FTA? I think it is a more effective measure to register the financial institutions in the free trade area as an asset management organization. So I want to do the next part of the quasi corporate system of the business department, and finally spanition to the company system through a few years. This is a big breakthrough in our management system. {page_break} 
 fourth is to establish a a href= "http://www.91se91.com/news/index_c.asp" with talent incentive and salary mechanism < /a >. But in some of our large institutional systems, colleagues here feel the same way. It is very difficult for you to motivate the salary system. When I took an investment manager, he grew up very fast in three years. He managed a financial product with one person, a product of 30 billion, and did a very good job. But one day after three years, he found me to resign. What do I say? Now you have a very good platform. You can manage 30 billion of assets in a year. I say you can't manage it for six years if you go to the securities company. He said that there is no problem with Ma, the platform or business. But what problems do I have now? What are the problems that I have encountered now? I used to work in my former employer. I said Ma, I don't think you earn much. I went to the securities company to make stocks, and I would recommend it to you in the future. Of course, he didn't introduce me to the stock market at last. Really, a long-term service for a person is a system. That is to say, it is important that you rely on your emotions, your career and your platform. But there is a critical point. If you basically survive and develop and your personal problems can not be solved, how can you keep this business? How can this person care for you? So I think the real market oriented financial institutions, even if they are a bit like them, like trust companies are developing faster, and performance related competition mechanisms are more thorough. I think if commercial banks really manage financial affairs as a division, it is possible to take a big step in the pay mechanism through institutional innovation, which is really my concern. 
 finally, let's talk a little bit about our new business. Recently, our bank of communications has just started the two Seminar on reform. We need to build seven departments of the Ministry of management and other departments into the business unit system. We are ready to make a self financing business department in two years. But unfortunately, I think the slogan is very loud, but the market reaction is relatively dull. Indeed, our competitiveness is not very strong. So I think we need to spend two to three years, one is to carry out the reform of the division system, and we really have a substantial improvement in product innovation ability, professional team building and investment research ability. Today, there are friends from a brokerage firm and friends from the media. I would like to invite you to pay more attention to Bank of China in the future and pay attention to our reform and innovation. We also hope to become the first bank to eat crab in the industry. The first pilot unit system has accumulated some experience for the development of the whole industry. Let's really promote the two launch of asset management in commercial banks. Thank you!