Shenzhen Development Shareholders' Meeting Passed With High Votes And Ping An'S Restructuring Plan

The bank territory carrying Ma Mingzhe's dream of financial control is planning to expand significantly.

On September 30, Deep development When describing the future development at the first extraordinary general meeting of shareholders in 2010, Chairman Xiao Suining said that when the bottleneck of capital constraints was removed, SDB would first rapidly scale up, while maintaining its leadership in some businesses, and establish market reputation and reputation.

At this meeting, 76% shareholder 8 items related to asset restructuring proposed by the Board of Directors bill A positive vote was cast.

According to insiders, according to the ideas of Ping An Group and Ma Mingzhe, some internal departments of SDB are required to prepare business plans in accordance with the goal of surpassing CMB in five years. However, Xiao Suining and Richard both denied this at the shareholders' meeting, "there is no detailed plan to surpass which bank in which year".

A person from Shenzhen Development said that it is possible for the bank to lead China Merchants Bank in some businesses, but it is very difficult to catch up with China Merchants Bank in an all-round way, and each bank has different development models and its own development path.

76% of shareholders voted in favour

Or the day before the National Day holiday, only about 40 representatives attended the shareholders' meeting. Outside the site, a police stability maintenance on-site headquarters was also set up, and many police were ready.

This shareholders' meeting reviewed and passed a total of 9 relevant proposals of Shenzhen Development on issuing shares to purchase assets, and agreed that the Bank signed the Share Subscription Agreement with China Ping An with effective conditions and relevant supplementary agreements. The voting scene and network are combined, and the shareholders' representatives attending the meeting have about 1.9 billion voting shares, accounting for 55% of the total voting shares. Eight proposals related to the purchase of assets by issuing shares were approved by more than 76% of the voting shares.

Market participants had predicted that more than 90% of shareholders should approve of asset purchase; Others worried about the prospect of integration and concluded that 70% approval rate was good, and the final result was between the predictions of the two parties.

One dissenting shareholder proposed that Ping An Bank's valuation was on the high side, and its profitability was poor according to historical data. Xiao Suining responded that Shenzhen Development Bank bought Ping An Bank mainly to buy the future, and its actual value still needs to be compared with Bank of Nanjing and Bank of Ningbo in the market. At present, some indicators of Ping An Bank are low, such as asset income, credit income, earnings per share, etc., and the cost is high, but from a dynamic perspective, the development potential is great. {page_break}

In Xiao Suining's opinion, the first advantage of Ping An Bank is its low non-performing loan ratio, which is 0.45%. The bank's loan income is low, but the quality is high. The relatively high cost input in the early stage will bring more benefits to the integrated bank and reduce the cost expenditure. Moreover, the valuation of Ping An Bank of 29.1 billion yuan has not taken into account the synergy benefits brought by Ping An Group to Shenzhen Development. Because of the heavy calculation workload, it is difficult to predict accurately.

Objective: China Merchants Bank?

People from Ping An Group said that since the acquisition of Shenzhen Development had been completed in the middle of the year, Ma Mingzhe, who had just returned from overseas inspection, put forward a five-year plan for the bank to surpass. At the end of June, Richard formulated a five-year plan for deep development according to Ma Mingzhe's expectations.

The staff of Shenzhen Development said that the English version of the plan did not mention the specific asset scale five years later, but only proposed that the merged assets of Shenzhen Development ranked among the top ten in the industry within five years and the top eight within eight years. According to media reports in September, Ma Mingzhe plans to realize the leap forward promotion of the banking sector through the life insurance team, with the goal of retail banks exceeding CMB in 8 years.

On September 30, the first middle level of SDB disclosed that at present, some business departments are required to make business preparation plans according to the goal of catching up with CMB in five years, which is ahead of the eight year deadline.

An analyst in the banking industry of a securities firm believes that at the end of June this year, the assets of China Merchants Bank were 2.6 trillion yuan, and the total assets of Shenzhen Development Bank and Ping An Bank were just over 900 billion yuan. If we want to catch up with China Merchants Bank in five years, we estimate that the average annual growth rate of Shenzhen Development Bank is 40%, and the average annual growth rate of China Merchants Bank is 20%. Five years later, the assets of the two banks are really not comparable. However, China's economic growth is uncertain. The high growth rate in the past two years may not be sustainable. It is difficult for Shenzhen Development to achieve an average annual growth rate of 40%, and the growth is too rapid to ensure the quality of assets.

"We have special respect for China Merchants Bank. (They) have a lot to learn, but at present, SDB has not set a plan to surpass a bank. Our goal is to be the best bank recognized by the market.". Richard told shareholders. Xiao Suining also denied the idea of surpassing CMB, but stressed that Shenzhen will develop faster and better in the future.

Taking advantage of Ping An, a strategic major shareholder, we can make greater progress in our deep development. "The most important thing for a bank is that it has sufficient capital and has enough and good customers." Xiao Suining said that in these two aspects, SDB can easily obtain from Ping An. So far, Ping An has more than 56 million individual customers and 2 million corporate customers, and has relatively rich capital and strong financing capacity.

Indeed, compared with other banks that have accumulated customers for a long time, SDB only needs to market Ping An customers, gaining time advantage. Ping An has indeed helped develop marketing in Shenzhen. According to insiders, since July, Ping An Group has launched the membership system of the push bank club, selecting nearly 20000 people from the national life insurance team at a ratio of 4% to become members of the push bank club. Individual push bank, that is, life insurance employees personally boost bank businesses, which is equivalent to adding 20000 part-time employees to the banking sector of Ping An.

"But Ping An needs to get through the supervision of various departments. For example, according to the banking regulatory regulations, only banks can undertake the deposit business. How life insurance personnel participate in it remains to be considered," said the aforementioned broker analyst.