在华发展不顺 国际银行减持投资

When Bank of America Corp. (BAC) Chief Executive Ken Lewis flew to Beijing in June 2005 to sign a $3 billion pact to acquire a 9% stake in one of China's biggest state-run banks, he hailed the deal as 'a long-term investment.'

2005年6月，美国银行(Bank of America Corp.)首席执行长刘易斯(Ken Lewis)飞往北京签署一笔价值30亿美元的交易，买下中国一家大型国有银行9%的股权。当时他将这笔交易称为“长期投资。

In Mr. Lewis's view, the money the bank put into China Construction Bank Corp. (0939.HK, 601939.SH, CICHY) should have given the Charlotte, N.C., lender an entry into the world's fastest-growing economy and a clear shot at tens of millions of potential banking customers.

在刘易斯看来，总部位于美国北卡罗莱纳州夏洛特市的美国银行把这笔钱投进中国建设银行股份有限公司(China Construction Bank Corp.)之后，应该就获得了步入世界增长最快经济体的机会，数千万的潜在银行客户近在眼前。

The Bank of America chief was part of a parade of top international bankers who piled into China in the mid-2000s to announce investments in domestic banks and insurers, touting the prospects of growth and cooperation.

2005年左右，国际大银行家纷纷来到中国公布投资本土银行及保险机构的计划，宣扬增长与合作的前景。美国银行的刘易斯便是其中之一。

Global financial institutions poured about $33 billion into Chinese banks between 2004 and 2009, according to the website of the Chinese regulator, the China Banking Regulatory Commission.

中国银行业监督管理委员会网站显示，2004年到2009年，国际金融机构向中国银行业注资约330亿美元。

The deal yielded a tidy profit but little else for Bank of America. The U.S. bank sold down its holding to about 1% as of November 2011.

美国银行向中国建设银行的投资带来了不菲的利润，但除此以外基本没有别的收获。2011年11月，美国银行将其建行股份减持至1%左右。

Other banks have faced similar setbacks in China. From HSBC Holdings PLC (0005.HK, HBC, HSBA.LN) to Goldman Sachs Group Inc. (GS), some of the biggest names in global finance have been busy unwinding their investments amid tougher new capital rules and a general sense that the deals didn't deliver what they promised: an entry into a lucrative and promising market.

其他银行也在中国遇到类似的挫折。从汇丰控股(HSBC Holdings PLC)到高盛集团(Goldman Sachs Group Inc.)，国际金融界的一些大牌机构纷纷减持它们的投资。原因在于新的资本规则更加严格，以及国际银行总体上觉得这些投资没有兑现它们寄托的期望，即让它们进入一个有利可图、大有希望的市常

'Banks are stuck with investments that aren't useful strategically,' said Derek Ovington, CLSA Asia Pacific's regional head of bank research.

里昂证券亚太市场(CLSA Asia Pacific)银行研究区域负责人奥文顿(Derek Ovington)说，银行被战略上不管用的投资给套牢了。

Global firms sold about $44 billion worth of shares in Asian financial institutions in 2012 to institutional investors or other strategic buyers, up from $32.7 billion in 2011, according to data provider Dealogic. The retreat is gathering pace as a host of new regulations, including the so-called Basel III capital rules, make holding minority stakes in financial institutions more expensive.

据数据提供商Dealogic数据，2012年国际银行向机构投资者或其他战略投资者出售了价值约440亿美元的亚洲金融机构股份，高于2011年的327亿美元。随着包括《巴塞尔协议III》(Basel III )资本规则在内的一系列新规导致银行持有金融机构少数股权的成本增加，它们的撤退速度越来越快。

Under the third edition of the Basel accord on international capital standards, if the sum of a bank's minority investments in other financial institutions exceeds 10% of its core capital, then the amount in excess of that threshold must be deducted from its own capital. Also, if the bank owns more than 10% of another financial institution, then up to 100% of the investment could be deducted from its core capital, according to lawyers and bankers.

根据《巴塞尔协议III》的规定，如果银行在其他金融机构的少数股权总额超过自身核心资本的10%，那么超出的部分就必须从它的资本中扣除。另外，据律师和银行家说，如果银行持有另一家金融机构10%以上的股权，那么这笔股权最高100%的部分都有可能从它自己的核心资本中扣掉。

The latest deal to struggle is one of the biggest, and messiest: HSBC's 15.57% stake in Ping An Insurance (Group) Co. (2318.HK 601318.SH) The stake was set to be sold to Thai conglomerate Charoen Pokphand Group for $9.39 billion. The deal is now on the rocks as Chinese regulators seek more information amid concerns that other investors are also helping fund the deal, which may be in violation of China's insurance rules.

最近遇到困难的一笔投资属于最大、也是最乱的投资之一，那就是汇丰所持平安保险（集团）股份有限公司(Ping An Insurance (Group) Co.)的15.57%股权。这笔股权打算以93.9亿美元的价格出售给泰国正大集团(Charoen Pokphand Group)。现在，中国监管机构要求提交更多信息，因担心其他投资者也在参与这笔交易的融资，可能违反中国的保险规则，这笔交易因此搁浅。

The HSBC deal is typical of what went wrong with foreign forays into China's financial services. The British bank had hoped that plugging into Ping An's huge networks of agents would boost sales of its wealth-management products to the Chinese, say analysts and people familiar with the deal. However, Ping An's management chafed at being a small part of HSBC's network and worked to offer the same products itself, said a person with knowledge of the integration. For the 10 years it has held a Ping An stake, the U.K. lender has had few initiatives with the insurer.

汇丰这桩交易是个有代表性的案例，从中可以看出外资进军中国金融服务业究竟出了什么问题。分析师和知情人士说，这家英国银行曾希望，通过利用平安庞大的保险经纪人网络，将有助于推动该公司向中国人出售其理财产品。但据一位了解汇丰和平安业务整合事宜的人士说，平安管理层对于自己的公司在汇丰的网络内只是一个小脚色感到愤怒，他们致力于让平安也提供与汇丰类似的理财产品。在入股平安的10年里，汇丰几乎没有在平安的经营决策中扮演过什么主动角色。

On the positive side, the sale price for HSBC's Ping An stake is nearly six times what the U.K. bank paid for it. HSBC has raised the carrying value of the stake over the years and said it would book a profit of roughly $2.6 billion. If the deal goes through, HSBC said its core Tier 1 capital ratio will be boosted by half a percentage point, and total capital ratio by a full percentage point.

从积极的方面说，汇丰出售其所持平安股份的价格几乎是它当初买入这些股份所花价钱的六倍。持股这些年来汇丰已提升了这些股票的账面价值，它说自己将通过出售这些股份获利约26亿美元。汇丰说，如果这桩售股交易得以完成，其核心的第一级资本比率将提升0.5个百分点，总的资本比率将提高1个百分点。

Other landmark transactions such as Goldman's successive sales of its stake in Industrial & Commercial Bank of China Ltd. (1398.HK, 601398.SH, IDCBY) have had similar effects.

外资进军中国金融服务业的其他标志性交易也都产生了类似效应。如高盛(Goldman)连续出售它在中国工商银行(Industrial & Commercial Bank of China Ltd.)的股份。

To be sure, some banks are still holding on to their stakes. HSBC itself has a 19% stake in Bank of Communications Co. (3328.HK, 601328.SH, BCMXY), China's fifth-largest bank by assets. Spain's CaixaBank SA (CABK.MC, CAIXY) owns 16.1% of Hong Kong's Bank of East Asia Ltd. (0023.HK, BKEAY) And Deutsche Bank AG (DBK.XE, DB) controls 19.99% of midsize Chinese lender Hua Xia Bank Co. (600015.SH)

一些外资银行无疑仍将继续持有它们在中资银行的股份。汇丰持有中国资产规模第五大的银行交通银行19%的股份。西班牙银行CaixaBank SA持有香港东亚银行(Bank of East Asia Ltd.)16.1%的股份，德意志银行(Deutsche Bank AG)持有中等规模中资银行华夏银行(Hua Xia Bank Co.)19.99%的股份。

Many of these European banks say they are adamant they won't sell, given China's growth. BNP Paribas SA (BNP.FR, BNPQY) even bought an additional 2% of Bank of Nanjing Co. (601009.SH) in December, supplementing its 12.7% stake. BNP's head of retail banking in Asia, Philippe Aguignier, said by investing in a small bank it has more influence, although the French bank has only one director among 13.

许多在中资银行持股的欧洲银行都说，鉴于中国的经济增长现状，它们肯定自己不会出售在中资银行的持股。法国巴黎银行(BNP Paribas SA)甚至在去年12月又收购了南京银行2%的股份，该行此前已经持有这家中资银行12.7%的股份。法国巴黎银行零售银行业务亚洲区负责人艾飞立(Philippe Aguignier)说，投资小型中资银行可以使自己在这类银行中拥有更大的影响力，不过法国巴黎银行在南京银行有13名成员的董事会中只拥有一个席位。

Todd Marin, J.P. Morgan & Co.'s (JPM) Asia-Pacific vice chairman of investment banking, said that the reluctance to divest 'may change should euro-zone banks face increased financial pressures, given the economic challenges at home and regulatory requirements for greater capital.'

摩根大通(J.P. Morgan & Co.)投资银行业务的亚太区副董事长马宏涛(Todd Marin)说，鉴于欧元区银行在其国内所面临的经济困境以及需增加资本金的监管要求，如果它们面临更大的财务压力，其不愿意出售所持中资银行股份的态度可能会发生改变。

Paget Dare Bryan, a partner at law firm Clifford Chance who advises financial institutions on the implications of forthcoming regulation, said that 'banks are looking at their minority stakes and asking themselves, are they really worth it?'

英国高伟绅律师事务所(Clifford Chance)的合伙人布赖恩(Paget Dare Bryan)说，外资银行正看着手中的中资银行少数股份扪心自问：它们真的物有所值吗？他就新监管规定的实施问题向金融机构提供顾问服务。

Countries started to phase in Basel III beginning Jan. 1. Even though the U.S. is delaying implementation to study the rules further, U.S. financial companies are subject to stiff annual 'stress tests' to prove they can withstand economic hardship as well as beefed-up analysis by credit-rating companies.

从今年1月1日起，世界各国开始逐步实施《巴塞尔协议III》(Basel III)的规定。尽管美国将推迟实施这一协议，以便它能对该协议的规定做进一步研究，但美国的金融公司正纷纷进行严格的年度“压力测试，以证明自己能够经受得住经济困苦的考验以及信用评级公司更加严格的跟踪分析。

'Selling minority shares contributes to improving capital ratios for us and Basel III, so it is a very efficient strategy to pursue, especially if the investments don't contribute much to profitability,' said Yuri Yoshida, Standard & Poor's director of financial-institutions ratings.

标准普尔公司(Standard & Poor's)金融机构评级业务的负责人Yuri Yoshida说，出售在其他金融机构的少数股份有助于提高银行的资本比率，使它们更加符合《巴塞尔协议III》的规定，所以这是一个值得实施的非常有效的策略，在这些投资无法大幅改善公司盈利能力的情况下尤其应该考虑将其出售。