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DB 德银：中国城市商业银行深度报告-大池塘里钓鱼
China's city comm'l banks－Fishing in the big pond
56页 英文 PDF 非PPT 28 Sep 09.28
Emerging competitors to the party
We see China's city commercial banks (CCBs) as an emerging force in the Chinese banking space. Although small, compared to other state-owned banks (SOBs) and joint-stock-commercial banks (JSCBs), CCBs' influence on the industry's landscape and competitive dynamics will become increasingly meaningful in the next 2-3 years, in our view. This will be driven by CCBs' new access to capital markets and gradual liberalisation on their business scope
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Table of Contents
Next stage of bank reforms .......................................... 3
Long-term sector implications .............................................3
Near-term investment recommendation ............................................ 3
Emerging competitors to the party ................................................. 5
The fastest growing banking group in China..................................... 5
Simple reform agenda................................................................ 6
Key competitive advantage .............................................................. 7
Already come a long way................................................................ 7
Direct access to China’s booming local economy ............................. 7
Ability to maintain high growth in a tightening environment....................... 8
Net interest margin protected by unique asset-liability mix ........................ 9
More cost-efficient operating model........................................... 11
Greater employee incentives and alignment............................................... 12
A cherry-picking game .................................................................... 13
The evolution of polarization ................................................. 13
Size doesn’t matter ............................................................................ 14
Consolidation opportunity .......................................................... 15
Potential long-term winners .........................................................17
Company pages ............................................................................... 18
Bank of Ningbo (NBCB, 002142.SZ, NR)................................................................................. 19
Bank of Nanjing (NJCB, 601009.SS, NR)................................................................................. 23
Bank of Beijing (BOB, 601169.SS, NR).................................................................................... 27
Bank of Shanghai (BOS, not listed) ......................................................................................... 31
Bank of Tianjin (TJCB, not listed).............................................................................................35
Bank of Dalian (DLCB, not listed) ............................................................................................37
Hangzhou City Commercial Bank (HZCB, not listed) ............................................................... 39
Bank of Chongqing (CQCB, not listed) .................................................................................... 41
Appendix A – The history of city commercial banks .................... 43
Establishment ......................................................................................................................... 43
Asset cleaning initiatives......................................................................................................... 43
Introduction of strategic investors ..........................................................................................44
Cross-region expansion........................................................................................................... 45
IPO buzz to come through ......................................................................................................45
Appendix B – Major economic regions in China ........................... 46
Appendix C: M&A in India .............................................................. 49
Venturing down the M&A path – A proxy for China ................................................................ 49
ICICI Bank - Sangli Bank .......................................................................................................... 50
Centurion Bank of Punjab - Lord Krishna Bank........................................................................ 51
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