Un’altra banca cinese è corteggiata dall’Occidente/Allianz sta considerando la scalata in Cina

<109188814"> Germania, Usa, Cina, Banche e finanza NYT 05-07-11

<109188815"> Un’altra banca cinese è corteggiata dall’Occidente



Die Welt 05-07-12

<109188816"> Allianz sta considerando la scalata in Cina

Jan Dams


<109188817"> L’americana Goldman Sachs e la tedesca Allianz stanno trattando l’acquisto di una quota di $1md. della maggior banca statale cinese, la Industrial and Commercial Bank of China, Icbc .

La tedesca Allianz, che nel 2001 ha acquisito Dresdner Bank, sta operando aggressivamente in Cina, dove ha già formato una joint venture con Icbc .

Icbc ha quasi 400 000 dipendenti, oltre 100 mn. di clienti, e $500mn. di asset; è una delle banche con maggiori problemi (cattivi prestiti, corruzione: nel 2004 350 dei suoi funzionari sono stati puniti per $800 mn. di irregolarità scoperte; alcuni funzionari sono stati arrestati con l’accusa di aver cercato di appropriarsi di $900 mn.

Il suo giro d’affari è però ancora limitato, €500md, contro ad esempio gli €840 di Deutsche Bank,, che però occupa solo 65 000 dipendenti e ha 8,2mn. di clienti privati.

Alcune delle maggiori istituzioni finanziarie internazionali stanno acquisendo in Cina quote delle grandi banche di Stato cinesi, in vista delle previste offerte pubbliche dei prossimi anni.

Bank of America ha dichiarato di essere disposta a pagare $3md.una quota del 9% nella terza maggior banca cinese la China Construction , che alla fine di quest’anno dovrebbe lanciare un’offerta pubblica.

Ubs sta pensando di investire $500mn. in Bank of China.

Sembra che Morgan Stanley e il suo partner cinese di joint venture, China International Capital Corporation, stiano trattando con China Construction Bank, per portarla in Borsa.

Goldman Sachs e Morgan Stanley, le due maggiori banche di investimento straniere in Cina, hanno acquistato ognuna un nutrito numero di prestiti in sofferenza delle istituzioni finanziarie cinesi, e hanno cercato di consolidare i legami con il governo cinese.

Goldman ha ottenuto dal governo cinese l’approvazione a costituire una joint venture per operare nel mercato interno delle assicurazioni, l’investimento previsto nella joint venture dovrebbe giungere nei primi anni a $200mn.

Negli ultimi tempi Goldman è andata acquistando quote di società di servizi finanziari in Asia che poi ha venduto con forti profitti alcuni anni dopo, ad esempio con Ping An Insurance Company of China e Kookmin Bank in Sud Corea.

Il sistema bancario cinese sta lottando da anni con forti debiti, management insufficiente e forte corruzione, tutti elementi di rischio per i potenziali investitori nel settore.

Il governo cinese è massicciamente intervenuto per sanare le banche, e rivitalizzare il sistema bancario in vista dell’apertura del mercato alle banche straniere. Nel 2003 ad es. ha stanziato $54md per China Construction Bank e the Bank of China. NYT 05-07-11

Another China Bank Is Courted by the West


SHANGHAI , July 10 – Goldman Sachs and Allianz of Germany are in talks to acquire a $1 billion stake in China‘s largest state-owned bank, the Industrial and Commercial Bank of China , according to a person briefed on the discussions.

The talks come at a time when some of the world’s biggest financial institutions are rushing into China to acquire stakes in some of the country’s large but troubled state-owned banks ahead of planned initial public offerings in the next few years. The Bank of America said last month that it would pay $3 billion for a 9 percent stake in the nation’s third-largest lender, the China Construction Bank, which is expected to offer shares to the public late this year.

And UBS said last month that it was considering investing as much as $500 million in the Bank of China , another huge state-owned bank.

“All the big financial institutions want a piece of the action,” said Jack J. T. Huang, who oversees China coverage for the law firm Jones Day in Taipei, Taiwan. “This is not necessarily a rational decision when you look at the numbers. But these institutions believe the government won’t allow these banks to fail. They will step in to help them succeed.”

I.C.B.C. has nearly 400,000 employees, more than 100 million customers and about $500 billion in assets. It is unclear how large a stake in the bank Goldman and Allianz may get. The negotiations were reported by the South China Morning Post in Hong Kong on Saturday.

Goldman and other large investment banks may be positioning themselves to help take the banks public in the next few years in deals that could result in hundreds of millions of dollars in investment banking fees.

Citigroup was initially expected to help take China Construction Bank public, but bankers said that deal is now likely to be handled by Morgan Stanley and its Chinese joint venture partner, the China International Capital Corporation, after Citigroup passed on buying a stake .

But the huge investments could be risky for some of the financial institutions because China ‘s banking system has been struggling for years with massive debts, poor management and deep-rooted corruption.

The Chinese government has consistently stepped in to help bail out the banks. For example, it injected $45 billion into the China Construction Bank and the Bank of China in 2003. And analysts say the government is determined to revitalize the nation’s banking system as it prepares to open the market to foreign banks.

I.C.B.C. is one of the most troubled. For years, the bank has racked up bad loans tied to poorly operating state-owned enterprises. It has also been plagued by corruption. In the past year, more than 350 I.C.B.C. officials were punished after an auditor found over $800 million in irregularities at the bank. Some bank officials were arrested on charges of trying to steal about $900 million.

The bank has also been a victim: a private company used forged documents to borrow nearly $900 million from the bank, according to reports in state news outlets.

But analysts say the government has pressed the big financial institutions to help clean up the banking system by taking sizable stakes in the four largest state-owned banks, which also include the Agricultural Bank of China .

Goldman Sachs and Morgan Stanley – considered the two most powerful foreign investment banks in China – have each purchased a su
bstantial number of bad loans from China ‘s financial institutions.

Goldman, J. P. Morgan Chase and I.C.B.C. have also teamed up to agree to loan about $9 billion to the China National Offshore Oil Corporation, one of China’s largest state-owned oil companies, if it succeeds in acquiring the Unocal Corporation, an American company. The Chinese oil company, known as Cnooc, is in a bidding war with Chevron over Unocal, and Goldman and J. P. Morgan are Cnooc’s financial advisers in that effort.

Indeed, Goldman has moved aggressively in recent years to strengthen its operations in China and solidify its ties to the government in the expectation that the country could some day be a source of billions of dollars in profits.

Henry M. Paulson Jr., Goldman’s chairman, has made dozens of trips to China in recent years. And last year, Goldman agreed to donate $67 million to the government to bail out a Chinese brokerage firm.

Goldman then got approval to form a joint venture that could operate in China ‘s domestic securities market. Altogether Goldman’s investment in the joint venture is expected to top $200 million in the first few years.

Goldman has ample money to invest in a deal now. It finished raising $8.5 billion in April for Goldman Sachs Capital Partners V, one of the largest investment funds created this year.

Goldman has a track record lately of buying stakes in financial services companies in Asia and then selling them at a big profit several years later, having already done so with the Ping An Insurance Company of China and Kookmin Bank in South Korea .

Allianz of Germany, the huge insurance, banking and asset management company that took over Dresdner Bank in 2001, has also been moving aggressively into China and already has a joint venture with I.C.B.C.

Copyright 2005 The New York Times


Die Welt 05-07-12

Allianz prüft Einstieg in China

Der Münchener Versicherungsriese verhandelt mit Goldman Sachs über eine Beteiligung an der ICBC-Bank

von Jan Dams

Frankfurt/Main – Die Allianz und die amerikanische Investmentbank Goldman Sachs planen den Einstieg bei Chinas größter Bank. Die beiden Finanzinstitute prüfen derzeit eine Beteiligung in Höhe von rund 830 Mio. Euro an der Industrial and Commercial Bank of China (ICBC), hieß es in Branchenkreisen. Allerdings befänden sich die Gespräche noch in einem sehr frühen Stadium, hatte die “New York Times” zuvor berichtet. Der Münchener Versicherungsriese Allianz wollte die Informationen nicht kommentieren.

Für die beiden Finanzhäuser wäre der Einstieg bei der ICBC ein gewaltiger Schritt nach vorn auf dem an Einwohnern gemessen größten Markt der Welt, hieß es in Branchenkreisen. Die ICBC als Chinas größte staatliche Bank beschäftigt derzeit rund 400 000 Mitarbeiter und hat mehr als 100 Mio. Kunden. Allerdings darf die Zahl der Kunden nicht darüber hinwegtäuschen, daß das Geschäft in China verglichen mit Europa oder den USA noch klein ist. Häufig bringen die Kunden nur geringe Erträge. So erzielt die ICBC ein Geschäftsvolumen von rund 500 Mrd. Euro. Die Deutsche Bank kommt im Vergleich dazu auf eine Bilanzsumme von 840 Mrd. Euro. Deutschlands größtes Geldhaus aber beschäftigt lediglich rund 65 000 Mitarbeiter und hat 8,2 Mio. Privatkunden unter Vertrag.

Zudem gilt ein Einstieg bei den großen chinesischen Banken als nicht ganz ungefährlich. Die Geldhäuser des asiatischen Riesenreichs, die in den kommenden Jahren zum Teil an die Börse gebracht werden sollen, seien häufig problembeladen, heißt es. “Ein nicht ganz unwesentlicher Teil der in China vergebenen Darlehen dürfte auf Dauer nicht zurückgezahlt werden”, sagte der Branchenkenner einer großen Bank. Schon seit geraumer Zeit fragen sich manche Volkswirte zudem, wie realistisch die von China präsentierten Wachstumszahlen wirklich sind.

Trotzdem halten die Spekulationen über drohende Probleme bei chinesischen Banken amerikanische und europäische Konkurrenten nicht davon ab, den Einstieg in China zumindest zu prüfen. So hatte kürzlich die Bank of America angekündigt, daß sie drei Mrd. Dollar für einen neunprozentigen Anteil an der China Construction Bank zahlen will, dem drittgrößten Kreditgeber Chinas.

Die Börsen bewegte die Nachrichten über die Allianz und deren geplante Beteiligung in China jedoch nur wenig. Bei einem insgesamt leicht steigenden Dax stieg der Allianz-Aktienkurs im Handelsverlauf um knapp ein Prozent auf 98,70 Euro.

Für mehr Aufregung an den Finanzmärkten hatten da kürzlich Gerüchte über einen Verkauf der Investmentbanking-Sparte der hiesigen Tochter Dresdner Bank gesorgt. Finanzkreise hatten spekuliert, der Münchener Assekuranz-Konzern könnte Dresdner Kleinwort Wasserstein an die Deutsche Bank verkaufen. Hintergrund dürften Informationen gewesen sein, wonach das zweite Quartal bei den Kapitalmarktexperten schlecht gelaufen sein soll.

Schon in den ersten drei Monaten 2005 hatte DrKW ein schlechteres Ergebnis als so mancher vermeintlich schwächere Konkurrent verbuchen müssen. Der weitere Abgang renommierter Mitarbeiter dürfte der Mutter Allianz auf Dauer Sorge machen. ams

Artikel erschienen am Di, 12. Juli 2005 © WELT.de 1995 – 2005

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