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One year after the proposal of setting up the banks with private investors， the first batch of such banks were allowed to be brought into the reality.
Shang Fulin， president of China Banking Regulatory Commission （CBRC） said on March 11 during the congress’s press conference that the State Council of China， following the suggestions of several local authorities， agreed on the initiation of the pilot project of five banks involving the private capital. The five banks are located in Tianjin， Shanghai， Zhejiang and Guangdong.
These private banks have the presence of Alibaba， Wanxiang， Tecent， Fosun. Huafeng and other private companies.
Alibaba and Tecent have already taken actions. Alibaba is going to embrace the pattern of “small deposit and small loans” and has no plan to set up physical business spots. Tecent is to follow the pattern of “big deposit and small loans”as it only accepts the deposit above a certain amount. It plans to set up a private bank with Baiyeyuan in the Qianhai Area， Shenzhen.
The Selection Standard
For the five pilot private banks， the CBRC required the adoption of co-ini-tiator system as every pilot private bank must have at least two private investors. Meanwhile， they should conform to the stipulation about the shares of a single shareholder. Therefore， five banks have got ten private investors involved.
The market expected that the private bank initiated by Alibaba and Wanxiang is going to be headquartered in Hangzhou， Zhejiang， Tecent and Baiyeyuan’s co-initiated private bank， as said before， is going to be located in Shenzhen. Juneyao and Fosun are going to set up their private bank in Shanghai. And the last pair of partners， Chint and Huafeng， are to have the private bank located in Wenzhou， Zhejiang.
Actually， several of those private investors have the experience of buying shares of provincial state-owned banks. For example， Wanxiang once invested into Zhejiang Merchant Bank； Juneyao is the shareholder of Bank of Nanchang and Bank of Hankou.
In the aforementioned press conference， the CBRC also disclosed the information about the operating patterns of the five banks， the five factors that are highly regarded in the application for setting up private banks and the important tips of risks， giving an overall illustration to the plan of pilot private banks.
According to the information， there are four major patterns found in these private banks. Two of them have been mentioned before， like Alibaba’s “small deposit and small loans” and Tecent’s“big deposit and small loans”. In addition， the private bank in Tianjin targets“public deposit and public credit”， while the other two in Shanghai and Wenzhou are determined to be focused on special areas as they are going to provide services for local small enterprises and financial consumers. Concretely， “small deposit and small loans” feature the upper limits in the deposit and loans. “Big deposit and small loans”， as its name implies， has a requirement for the minimal amount of deposit while the borrowers are exclusive to small enterprises. The “public” in the third pattern refers to the legal representatives， meaning that the private bank in Tianjin is not engaged in personal business. As for the “special areas”， the definition and scale need further explanation from the CBRC.
“The pattern is just intentional and the real situation is going to be subject to the plan of setting up private banks，”said a source close to the CBRC.
“By now the CBRC has just finished the examination of the quality of initiators and given out corresponding licenses. It is going to be a while before the initiators work out the detailed applications. And the CBRC also needs time to make an implementation codex，” said a senior executive of a company chosen as qualified private bank investor.
He said that the regulatory department just worked out the framework for the access to private banks and the regulatory standards. The detailed rules and standards are still waiting for coming out. Whether they are to be based on the common standards for commercial banks or to have a standalone series of policies still remain a question.
The aforementioned source of the CBRC said that a method will be formulated based on the experiences of the pilot project， if the five banks see good results in the future.
“Now we are preparing for our applications based on our own features and positioning. During this process we are going to communicate with the watchdog about the concrete business patterns and scope， which could not be missed in the final plan，” the aforementioned senior executive said.
On the other hand， after the issuance of the license of private banks， how can a private investor be chosen and what requirements must be met become hot topics among those interested in private banks.
Simply speaking， the process is to choose the best among the best. Shang Fulin put forward five important factors： the system to assume the remaining risk on one’s own， the qualification to be a good shareholder and strong anti-risk ability， the willingness to accept the detailed regulatory rules， the differentiated market positioning and specific strategies， as well as the legal and feasible risk disposal and recovery plan. The analysts said that the applications must contain the plan to assume the risk. The initiators must have a good governance system， a protruding core business， adequate cash flow and the ability to control the related transactions. To ask the initiators to accept the regulatory is to keep them from failing to assume the risks on their own. The differentiated positioning is required to highlight the difference in operating strategies. In addition， they are told to have a detailed mechanism to solve the risk after failure， as well as the liability liquidation and organizational disposal system， which are commonly called the “testament”.
In 2013， Yang Jiacai， assistant to the CBRC president， put forward the concept about “testament”in the financial industry， meaning that banks and other financial institutions must have arranged a complete and feasible system to deal with the outcome of the risks when they are still running business normally. The requirement is to lower the risks of private banks， as well as the outcome of their failure as much as possible.
Private Investors’ Movement
Ali Small Credit Financial Group， a branch under Alibaba， is going to be the main body in the cooperation with Wanxiang to set up the pilot banks. An insider from this organization said that Alibaba， a company starting from online retail website and payment tool， is going to set up banks based on the Internet technologies without any physical counterparts. He also said that the first group of clients for Alibaba’s private bank is likely to be the clients of Ali Small Credit Financial Group with good credit records.
A Shanghai-based Internet company’s CEO said that the experience of working with Ali Small Credit Financial Group told him Alibaba might apply for an all-inclusive business license that can grant it with the access to all banking business.
Alibaba’s long-time rival Tecent is not going to stay behind. The private bank in Qianhai Area， Shenzhen， is un- der preparation， even though the details are still confidential.
Apart from the pattern of “big deposit and small loans”， the private bank of Tecent， as speculated by China Investment Consultancy’s analyst Huo Xiaohua， might launch the direct-sale banking service and further improve its third-party payment platform to build a system that combine the deposit， encashment， transmittance， loan issuance， online shopping and financial products.
Baiyeyuan is chosen as Tecent’s partner. It is actually a pharmaceutical company.“Companies like Baiyeyuan having substantial products are given the qualification of an initiator of the private bank， which could help these companies to develop their entity business through the banking methods，”said a securities dealer in Shenzhen. In addition， Baiyeyuan has several assets that have gone public. That means they can lower their financial cost in loans with the platform.
Meanwhile， Wang Junjing， board chairman of Shanghai Juneyao Group， said that Juneyao Group was just selected as a candidate while there was no official confirmation. He admitted that most investors want to be in the field of private banks， but they are also waiting for an opportunity. “We are contending for something. Since the private investors know private companies and the problems of small enterprises better， we are more familiar with how to use the banking methods to provide better services for these companies. In that way we could exert our own ability for the better of the society.”
Shang Fulin， president of China Banking Regulatory Commission （CBRC） said on March 11 during the congress’s press conference that the State Council of China， following the suggestions of several local authorities， agreed on the initiation of the pilot project of five banks involving the private capital. The five banks are located in Tianjin， Shanghai， Zhejiang and Guangdong.
These private banks have the presence of Alibaba， Wanxiang， Tecent， Fosun. Huafeng and other private companies.
Alibaba and Tecent have already taken actions. Alibaba is going to embrace the pattern of “small deposit and small loans” and has no plan to set up physical business spots. Tecent is to follow the pattern of “big deposit and small loans”as it only accepts the deposit above a certain amount. It plans to set up a private bank with Baiyeyuan in the Qianhai Area， Shenzhen.
The Selection Standard
For the five pilot private banks， the CBRC required the adoption of co-ini-tiator system as every pilot private bank must have at least two private investors. Meanwhile， they should conform to the stipulation about the shares of a single shareholder. Therefore， five banks have got ten private investors involved.
The market expected that the private bank initiated by Alibaba and Wanxiang is going to be headquartered in Hangzhou， Zhejiang， Tecent and Baiyeyuan’s co-initiated private bank， as said before， is going to be located in Shenzhen. Juneyao and Fosun are going to set up their private bank in Shanghai. And the last pair of partners， Chint and Huafeng， are to have the private bank located in Wenzhou， Zhejiang.
Actually， several of those private investors have the experience of buying shares of provincial state-owned banks. For example， Wanxiang once invested into Zhejiang Merchant Bank； Juneyao is the shareholder of Bank of Nanchang and Bank of Hankou.
In the aforementioned press conference， the CBRC also disclosed the information about the operating patterns of the five banks， the five factors that are highly regarded in the application for setting up private banks and the important tips of risks， giving an overall illustration to the plan of pilot private banks.
According to the information， there are four major patterns found in these private banks. Two of them have been mentioned before， like Alibaba’s “small deposit and small loans” and Tecent’s“big deposit and small loans”. In addition， the private bank in Tianjin targets“public deposit and public credit”， while the other two in Shanghai and Wenzhou are determined to be focused on special areas as they are going to provide services for local small enterprises and financial consumers. Concretely， “small deposit and small loans” feature the upper limits in the deposit and loans. “Big deposit and small loans”， as its name implies， has a requirement for the minimal amount of deposit while the borrowers are exclusive to small enterprises. The “public” in the third pattern refers to the legal representatives， meaning that the private bank in Tianjin is not engaged in personal business. As for the “special areas”， the definition and scale need further explanation from the CBRC.
“The pattern is just intentional and the real situation is going to be subject to the plan of setting up private banks，”said a source close to the CBRC.
“By now the CBRC has just finished the examination of the quality of initiators and given out corresponding licenses. It is going to be a while before the initiators work out the detailed applications. And the CBRC also needs time to make an implementation codex，” said a senior executive of a company chosen as qualified private bank investor.
He said that the regulatory department just worked out the framework for the access to private banks and the regulatory standards. The detailed rules and standards are still waiting for coming out. Whether they are to be based on the common standards for commercial banks or to have a standalone series of policies still remain a question.
The aforementioned source of the CBRC said that a method will be formulated based on the experiences of the pilot project， if the five banks see good results in the future.
“Now we are preparing for our applications based on our own features and positioning. During this process we are going to communicate with the watchdog about the concrete business patterns and scope， which could not be missed in the final plan，” the aforementioned senior executive said.
On the other hand， after the issuance of the license of private banks， how can a private investor be chosen and what requirements must be met become hot topics among those interested in private banks.
Simply speaking， the process is to choose the best among the best. Shang Fulin put forward five important factors： the system to assume the remaining risk on one’s own， the qualification to be a good shareholder and strong anti-risk ability， the willingness to accept the detailed regulatory rules， the differentiated market positioning and specific strategies， as well as the legal and feasible risk disposal and recovery plan. The analysts said that the applications must contain the plan to assume the risk. The initiators must have a good governance system， a protruding core business， adequate cash flow and the ability to control the related transactions. To ask the initiators to accept the regulatory is to keep them from failing to assume the risks on their own. The differentiated positioning is required to highlight the difference in operating strategies. In addition， they are told to have a detailed mechanism to solve the risk after failure， as well as the liability liquidation and organizational disposal system， which are commonly called the “testament”.
In 2013， Yang Jiacai， assistant to the CBRC president， put forward the concept about “testament”in the financial industry， meaning that banks and other financial institutions must have arranged a complete and feasible system to deal with the outcome of the risks when they are still running business normally. The requirement is to lower the risks of private banks， as well as the outcome of their failure as much as possible.
Private Investors’ Movement
Ali Small Credit Financial Group， a branch under Alibaba， is going to be the main body in the cooperation with Wanxiang to set up the pilot banks. An insider from this organization said that Alibaba， a company starting from online retail website and payment tool， is going to set up banks based on the Internet technologies without any physical counterparts. He also said that the first group of clients for Alibaba’s private bank is likely to be the clients of Ali Small Credit Financial Group with good credit records.
A Shanghai-based Internet company’s CEO said that the experience of working with Ali Small Credit Financial Group told him Alibaba might apply for an all-inclusive business license that can grant it with the access to all banking business.
Alibaba’s long-time rival Tecent is not going to stay behind. The private bank in Qianhai Area， Shenzhen， is un- der preparation， even though the details are still confidential.
Apart from the pattern of “big deposit and small loans”， the private bank of Tecent， as speculated by China Investment Consultancy’s analyst Huo Xiaohua， might launch the direct-sale banking service and further improve its third-party payment platform to build a system that combine the deposit， encashment， transmittance， loan issuance， online shopping and financial products.
Baiyeyuan is chosen as Tecent’s partner. It is actually a pharmaceutical company.“Companies like Baiyeyuan having substantial products are given the qualification of an initiator of the private bank， which could help these companies to develop their entity business through the banking methods，”said a securities dealer in Shenzhen. In addition， Baiyeyuan has several assets that have gone public. That means they can lower their financial cost in loans with the platform.
Meanwhile， Wang Junjing， board chairman of Shanghai Juneyao Group， said that Juneyao Group was just selected as a candidate while there was no official confirmation. He admitted that most investors want to be in the field of private banks， but they are also waiting for an opportunity. “We are contending for something. Since the private investors know private companies and the problems of small enterprises better， we are more familiar with how to use the banking methods to provide better services for these companies. In that way we could exert our own ability for the better of the society.”