Ping an coveted last national banking licence

Peace and deep development of financial comparison IC to continue to suspend a paper announcement to China Ping An acquisition deep development rumors come true.　　In the people have speculated that the way is to buy shares or targeted additional or cash subscription, peace and new bridge negotiations have been launched and entered the price game, the deal will be in the next few days to solve the mystery. CICC and Goldman Sachs have also been identified as financial advisers to the takeover. This reporter from the deep development of the head of the headquarters learned that the exchange of shares + directional additional acquisition of the most feasible way.　　The key to the success of the acquisition is the proportion of shares and the price of the new bridge, although the details are not announced, but it is certainly safe to start a-share or H-shares financing is less likely. 1 trillion more deposits for China's peace, the significance of the deep development of acquisitions is self-evident, perhaps the last chance to get a national licence. In addition to the four state-owned banks, there are 10 national joint-stock banks with national outlets, Yang Jianhai, a senior analyst at Security Securities. There is only Minsheng bank without control, but because of its very dispersed ownership, management has real control over the company, and the manager will not allow a dominant shareholder to emerge. The other 9 banks have control, and at present there is only deep development in the desire to transfer.　　The acquisition of a national network after the deep development accords with the strategic direction of peace. In the event of a takeover, the synergy effect of the integrated financial architecture will be speeded up and the bank may be injected into the deep development. According to CIC Securities analyst Xu Hunde Statistics, the current ping ' an insurance business has 2 million corporate customers and 44 million customers, respectively, accounting for 60% and more than 20% of ICBC. Suppose that Ping an 50% of these customers into effective bank customers, ICBC 8.9 trillion yuan deposits as a reference, conservative estimates of Ping An bank business is expected to increase the amount of 1 trillion yuan deposits.　　According to the deep development 2007 0.75% of the total asset yield estimates, ping An net profit is expected to increase by 7.5 billion yuan, EPS (earnings per share) roughly increased by 1 yuan. The news of the takeover also changed the agency's expectations of China's peaceful future. Before the Dragon Boat Festival, many organizations are cautious about Ping An, first of all because Ping an is in low interest rates with high settlement rate of a large number of business violations of life insurance business rules, in addition, Ping An bank network approval is slow, comprehensive financial structure short-term difficult to have greater results.　　And "If the successful acquisition of deep development, these reasons for seeing the empty is not established." The news that fundraising is not needed to start a refinancing takeover may explain the reason for the large premiums that have been spent this year on higher settlement rates, which are expected to play a role in the acquisition of deep development plans.　　Whether it's a swap or a cash call, there seems to be no shortage of capital, which is less likely to be financed through a or H-share. Ping An participation in deep development or stock equity transfer of the source of funds for two, the group owned funds and life insurance reserves. Yang Jianhai, according to the 1 quarterly report of 2009, Ping An parent company statement has monetary funds, trading financial assets, time deposits, available for sale of financial assetsNot for 2.4 billion yuan, 2.5 billion yuan, 3.2 billion yuan, 16.3 billion yuan, totaling 24.4 billion yuan, this is the group can use the ceiling of their own funds. It is also possible to use the life insurance reserve, a precedent in previous acquisitions, when it planned to use part of the life-insurance reserve when it was ready to buy the Guangdong Development Bank. Yang Jianhai that because this part of the investment is a long-term strategic investment, it is likely to use only the traditional risk account funds to invest.　　At the end of 2008, the balance of insurance policy reserve was 114.4 billion yuan. And even if the safe use of 20 billion yuan to acquire a deep development of nearly 30% of the equity, peace of solvency will not be lower than the CIRC's requirements. Yang Jianhai said 20 billion of the investments were conservative in that it had just made the deep development meet the Minimum capital adequacy requirement, so it would be equal to a minimum capital increase of 20 billion yuan for ping An to calculate the solvency of the group. According to the data at the end of 2008, the real capital of Ping An IS 88.3 billion yuan, the minimum capital adjusted is 48.7 billion yuan, and the solvency adequacy rate is still 187%. Considering the positive impact of capital market on real capital of the company this year, the solvency adequacy rate will remain above 187% by the end of this year, not lower than the 150% minimum stipulated by Circ.　　Therefore, the acquisition will not allow the safety solvency fall under the provisions. As the funds are still sufficient, ping an or H-share financing is less likely. In order to restore the market image, the organization believes that peace will not easily start open refinancing channels, and the main obstacle to the H-share refinancing is "state-owned shares reduction."　　Yang Jianhai Analysis, in the H-share refinancing needs of the current shares have been obtained in the circulation of state-owned shareholders to reduce the scale of refinancing 10% to the Social Security Fund, so the state-owned shareholders will not support ping-an shares refinancing. The key to the new bridge price is everything. The ultimate success will still depend on how the new bridge offers. In many years of peaceful coveted deep development, peace and the new bridge had a confrontation.　　According to the reporter learned that in 2007, Ping An has taken over the new bridge held deep development shares of in-depth communication, but the new bridge price is higher, the two sides in the prices failed to reach an agreement. With the passage of time, the two sides returned to the negotiating table as the new bridge held its lock-up period. 2004, the new bridge to 3.545 yuan per share price by 348.1033 million shares, to become the deepest development of the single shareholder. December 2007 and June 2008, the deep development of the warrants in the two period of the right, the new bridge Two, respectively, 34.8103 million shares, 17.4052 million shares, the right price is 19 yuan/shares, the right, the new bridge shareholding increased to 400.3188 million shares. At this point, the new bridge per share cost increased to 5.56 yuan, the total cost of about 2.224 billion yuan. Before the June 5 suspension of the deep development of the closing price of only 20 yuan per share. For the new bridge, the Bank of America and other investors have been unable to buy into CCB's outrageous gains, they can only put down more than 10 times times the earnings forecast, in turn to seek future earnings, the price problem seems to have moreMuch elasticity.　　Deep development of the family deep Development was established in 1987, is the first listed bank.　　The company currently has 20 branch-level institutions, 282 business outlets, better cover the main provinces of the country.　　As of March 31, 2009, the total assets of the deep development of 521.9 billion yuan, net assets of 17.1 billion yuan.　　As at the end of 2008, the company's core capital adequacy ratio and capital adequacy ratio were 5, 27% and 8.58%, non-performing loan rate 0.68%, and provision coverage was 105%.　　2008, the company's loans in southern China accounted for 31%, east China 35%, north and northeast 27%, southwest of 7%. Newspaper reporter Lin Yu