| 作者 |
 推荐二篇关于国际银行参股中国建设银行的文章 |
 |
| 所跟贴 |
推荐二篇关于国际银行参股中国建设银行的文章 -- 游客 - (616 Byte) 2004-1-13 周二, 04:00 (1306 reads) |
安普若
[博客]
[个人文集]
头衔: 海归元勋
声望: 大师
性别: 
加入时间: 2004/02/21
文章: 26038
来自: 中国美国的飞机上
海归分: 4196257
|
|
|
作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Banks may buy stakes to land Chinese IPO role
By Francesco Guerrera in Hong Kong
Published: January 12 2004 12:55 | Last Updated: January 12 2004 12:55
Competition among investment banks vying to advise China Construction Bank on its $5bn listing is gaining in intensity with some firms offering to buy a stake in the state-owned lender in order to win the lucrative mandate.
Deutsche Bank is understood to have offered to take a stake in the offering as a vote of confidence in a bank that still has a high level of bad loans despite last month's $22.5bn capital injection from Beijing.
The purchase of a stake would also facilitate the initial public offering, the first overseas listing by one of the "big four" Chinese banks, by reducing the amount of shares to be sold to investors in Hong Kong and New York.
Deutsche's unusual move, which has emerged days before CCB is expected to decide on its advisers, will put pressure on other investment banks fighting for a role in the IPO - Citigroup, HSBC and JP Morgan - to follow suit.
Bankers close to the deal said Citigroup, which has enlisted the help of former US Treasury secretary Robert Rubin on the CCB deal, had also made a similar offer. Citigroup and Deutsche Bank declined to comment.
Morgan Stanley is also bidding for the CCB mandate, which could see advisers shares some $175m in fees, but it is unlikely to use similar tactics because it is the favourite to win a leading role in the IPO.
Corporate governance experts said the practice of buying stakes in clients that are due to list could lead to conflict of interests.
"An investment bank is supposed to be advising clients on an arms' length basis," said Jamie Allen, secretary general of the Asian Corporate Governance Association. "If you have a stake in the company it is possible there might be a conflict with the advisory role".
However, he argued that if the investment bank agreed to keep the stake for a number of years, it could prompt it to look closer and harder at the company's financials and corporate governance.
Investment banks often buy a small stake in IPOs on which they are advising, usually to ensure a smooth debut. However, banking experts said it was unusual for investment banks to use the prospect of a share purchase to win the advisory role. Large state-owned Chinese groups, such as the oil giants Petrochina and Sinopec, have often enlisted the help of "strategic investors" that bought stakes to help their IPOs.
However, these investors are international companies in the same industry, or powerful Hong Kong tycoons, not would-be advisers.
CCB's non-performing loans (NPLs) ratio, at 12 per cent of total loans, is the lowest among large Chinese banks but is much higher than its international counterparts.
作者：安普若 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
-
 推荐二篇关于国际银行参股中国建设银行的文章 -- 赶时髦 - (616 Byte) 2004-1-13 周二, 04:00 (1306 reads) - Banks may buy stakes to land Chinese IPO role （谢谢 -- 安普若 - (5638 Byte) 2004-1-13 周二, 05:47 (294 reads)
|
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
