外资银行在华业务发展缓慢

Foreign banks are failing to make headway in China and will not create profitable mainland businesses just through riding the expected growth in the markets, according to a study.

一份研究报告显示，外资银行在华业务一直未能取得太大进展，仅靠搭乘内地市场预期增长的顺风车，也将无法实现盈利。

The onshore investment banking, securities trading and corporate lending ventures of foreign banks have won less than 7 per cent market share between them at best and that has barely changed in five years, according to consultants at Oliver Wyman.

奥纬咨询(Oliver Wyman)的顾问们在这份报告中指出，外资银行在华从事投资银行、证券交易以及公司信贷等在岸业务的合资企业中，情况最好的企业所获的市场份额都不到7%，而五年来这一局面一直鲜有改观。

Banks from the US, Europe and elsewhere continue to invest in China against the promise of the growth to come. When Citigroupofficially launched its mainland securities venture recently,it said it expected China to supply 10 per cent of the world’s bond and equity issues in a year to 18 months’ time.

鉴于中国市场有望持续增长，美国、欧洲以及其他地区的银行继续向中国投资。最近，花旗集团(Citigroup)在中国内地正式设立了一家合资券商。该集团表示，它预计在一年到18个月内，中国在全球债券及股票发行市场所占的份额将达到10%。

Oliver Wyman forecasts that the wholesale banking market in China will grow at 10 per cent a year on average over the next decade,with annual revenues of Rmb4tn ($639bn) by 2020.

奥维咨询预计，未来十年中国批发银行市场的年均增长率将达10%，年收入到2020年将达到4万亿元人民币（合6390亿美元）。

However, Christian Edelmann, lead author of the study, said domestic banks would be the biggest winners because of government connections and deep balance sheets. Foreign banks would remain hampered by restrictions on what they were allowed to do.

但该报告第一作者克里斯蒂安·埃德尔曼(Christian Edelmann)表示，由于政府人脉强大、财务状况良好，中资银行将会成为最大的赢家。外资银行获准从事的业务范围有限，仍将没有太多施展拳脚的空间。

“The banks still believe that in five years’ time, the growth in the market will create better economics on shore and that’s a real fallacy, he said.

他表示：“外资银行仍相信，经过五年时间，市场增长将会创造更有利的在岸经济环境。这是一种错误的想法。

Foreign banks’ joint ventures in China remained sub-scale and suffered from poor profitability, he said. In the securities business, for example – which helps companies list on the Chinese stock exchanges –the foreign banks’ ventures have an average cost-to-income ratio of 90 per cent compared with an average of 60 per cent for domestic groups and 40 per cent for the top 20 domestic groups.

他表示，外资银行的在华合资企业仍然规模很小而且盈利能力不强。就以帮助企业在中国股票交易所上市的证券业务为例。外资银行在华合资券商的成本收入比高达90%，而中资券商的这一比例平均只有60%，排名最靠前的20家中资券商则平均只有40%。

The story is similar in commercial banking and asset management joint ventures, though the differences are less extreme.

商业银行与资产管理业务方面也呈现出类似的局面，只不过两者的差距没这么极端。

Banks such as Goldman Sachsand UBS, which have the longest

高盛(Goldman Sachs)和瑞银(UBS)等最早进入中国内地证券市场的银行，以及其他目前在华运营的外资银行都辩称，不宜单从在岸业务这个角度来考虑问题。

history in the mainland securities markets, and others that operate in China, all argue that the onshore business cannot be looked at alone.

他们表示，外资银行扩展在华业务的好处在于，它们可以通过在岸合资企业建立的业务联系为争取离岸业务铺路。这里的离岸业务包括帮助企业实现香港股票市场上市以及实施外汇风险对冲。

The benefit, they say, is in the offshore business derived from relationships won through onshore ventures. This includes Hong Kong stock market listings and the hedging of foreign exchange exposures.

埃德尔曼表示，有些银行确实与企业客户成功地签订了巨额外汇合同。他表示：“这些银行在岸业务发展不理想，但确实为通过离岸业务大赚其钱打下了基矗然而他补充道，这些银行更应该做的是仔细审视自己的运营状况，并且重新设计发展策略。

Mr Edelmann said some banks did build significant foreign exchange contracts with corporate clients. “Banks historically have justified their onshore footprint by looking at the money they’re printing offshore, he said. But instead, he added, they should review their operations and redesign their strategy.