Deep development: Integration of advantages to build a comprehensive financial platform

Shenzhen Development Bank ("Deep Development a", 000001) announced on September 1 the purchase of assets and related transactions reorganization plan, agreed to be ping An of China's Ping An bank of about 7.825 billion shares (about the total equity of Ping An Bank of 90.75%) and subscription to the cash,　　At a price of 17.75 yuan per share subscription to the bank's non-public offering of about 1.639 billion shares, which means that China's ping an will become a deep development controlling shareholder, holding a deep development of about 52% stake, and Ping An bank became a deep development subsidiary. The acquisition and trading of China's capital market has received global attention, the transaction price has become a hot spot, there is a view that the deep development was sold out by the new bridge, Peace is "snake swallow Elephant", and thus fear that deep development may be "privatized", in fact,　　This also reflects the market's concern for the value of deep development investment and future development prospects. But in-depth analysis, this point of view seems to be too much emphasis on the surface of the figures, because of peace and deep development after the integration of cards both rose to show confidence in the market.　　The trading plan gives 100% of Ping An bank's pre-valuation of 29.1 billion yuan, corresponding to the end of the first half of 2010 PB 1.9 times times, and the deep development of 17.75 yuan subscription price corresponding to the end of the year of 2.03 times PB, the transaction price is reasonable. As to who is merging who?　　This is only a short-term hot spot, in the long run, the interests of both sides are consistent, the development of the bank will become a leading national commercial bank, while taking advantage of a comprehensive financial platform such as peace, to create greater value. The implementation of the transaction, it will help the bank to enhance the scale of assets, broaden business areas, expand strategic space, promote the line bigger and stronger, concrete performance in the following points: first, the core capital adequacy rate, conducive to the rapid development of various businesses. As early as the end of June, Ping An life insurance subscription to the deep development of non-public offering shares, to the deep development injected 6.9 billion yuan.　　After the implementation of the transaction, even if not including the purchase of the remaining shares of 2.7 billion yuan, the deep development of the core capital adequacy rate has been improved, can basically meet the regulatory requirements, temporary relief of capital bottlenecks. Prior to this, the lack of capital was a constraint on the rapid expansion of the deep development, the need to supplement core capital through equity financing and a series of capital replenishment plans to raise capital adequacy ratio.　　Earlier this year, the CBRC relaxed the market access threshold for branches of small and medium-sized banks, which is a major opportunity for the development of new branches for many years, and this peace will solve the capital bottleneck of deep development. Secondly, the network channels increased to fill the development gap. After the absorption of Ping An bank, the deep development will immediately increase the number of 5 branches, more than 70 outlets, which can fill the gap in the deep development of network channels. such as Ping An bank located in Fujian province, Fuzhou, Xiamen and Quanzhou, three of the branches of the city, will help the deep development in Fujian province business expansion. As a result, deep developing customers will benefit directly from the distribution of more convenient outlets and self-service devices. At the same time, the deep development will accelerate the addition of branches and outlets in the branch shortageThe lost east, northeast and northwest regions expanded rapidly to expand the scope of services, forming a nationwide influence. Third, enhance customer base and service scope, achieve good synergy effect. The cooperation will produce a good synergy, this synergy will be reflected in the sharing of customer resources, capital lending, silver insurance sales, financial products and many other. Deep development compared with similar banks, the advantages of cooperation in the industry is not obvious, comprehensive competitiveness is weak, now can focus on China's Ping an strong customer resource advantages, including more than 56 million personal customers and more than 2 million company customers.　　A recent study by CIC said the combined banks ' total assets were estimated to exceed 900 billion, 9 million credit cards. Four, improve the breadth and depth of cross-selling, improve the business structure. With the development of economy and the increase of personal wealth, consumers are not satisfied with the single financial services, and the potential of comprehensive investment and financial needs is promising. Therefore, the mutual agent of financial products, cross sales, is the trend.　　Two lines of integration, you can maximize each other's strengths, so as to achieve comprehensive finance. The advantage of the deep development lies in the trade financing and supply chain financing, the advantage of Ping An bank lies in the retail business and the cross sale to ping An group customers, the 2010 China Ping ' an bank new credit card 62%, the insurance business Premium income 14% from cross-selling. The rich experience of Ping an cross sale can make the deep development into the safe business structure, the service ability is fully embodied. This kind of capital as a link, customer demand as the starting point of cooperation, the deep development of the bank's network advantage and China's ping ' an customer base advantage, multiple channel advantages and background integration advantages of organic combination, you can fully realize the advantages of operating system and management resources sharing, comprehensive integration of IT systems,　　Credit cards and ATM machines and other aspects of the business resources, through innovative, professional means and channels to improve comprehensive financial services, comprehensive ability, is expected to provide the vast number of consumers a full range, one-stop, personalized financial products and services. Now, with the two lines of integration started, how to truly smooth implementation in the business, personnel, systems and other aspects of integration, is also a big test. But we have seen the efforts and sincerity of both sides. Deep development of the past few years of transformation, so that the deep development of the management approach to further internationalization, ping an bank and the integration of deep development is less difficult than the integration of other banks. And in the previous, the new management also proposed to "not downgrade, do not pay, do not eliminate" the "three-non-" and stable and deep development of the morale, to achieve a smooth transition. Deep development formally entered the "Peace era", will undoubtedly bring more imagination to the market and investors.