它們來了，它們看到了--而且，雖然它們還未征服整個(gè)市場，但外資銀行在中國的錢柜正叮當(dāng)作響。來自監(jiān)管機(jī)構(gòu)的數(shù)據(jù)顯示，今年前五個(gè)月，在華外資銀行的利潤增長折算成年率達(dá)到43%；不過總額依然很小，75家銀行共盈利4億美元。
They came, they saw - and while they have yet to conquer, foreign banks' cash tills in China are ringing. In the first five months of this year, overseas banks' profits in the country grew by an annualised 43 per cent, according to regulators; although the total is still small at just $400m shared among 75 banks.
自去年年底以來，勝利者和"小角色"之間的差距已然加大--當(dāng)時(shí)，中國針對(duì)那些希望從事人民幣業(yè)務(wù)的外資銀行實(shí)施了新的標(biāo)準(zhǔn)。資本金的要求并不繁重，但額外一級(jí)的管理要求卻讓很多銀行停住了腳步：到目前為止，只有12家外資銀行在中國完成了法人注冊。
The gap between winners and bit-players has widened since the end of last year, when China implemented new criteria for banks wanting to conduct local-currency services. The capital requirements were not especially onerous, but the extra layer of administration served to deter many: so far, just a dozen have incorporated.
包括花旗集團(tuán)(Citigroup)在內(nèi)已經(jīng)完成注冊的西方銀行，都在大力擴(kuò)展分行網(wǎng)絡(luò)--花旗集團(tuán)的第20家分支機(jī)構(gòu)將于周四開業(yè)。它們大量增設(shè)網(wǎng)點(diǎn)的部分目的在于吸引富有的個(gè)人客戶。這些客戶通常都有自己的公司，因此也會(huì)帶來企業(yè)銀行業(yè)務(wù)。其它一些銀行將重點(diǎn)放在為跨國公司提供服務(wù)。作為日本的銀行，三菱UFJ金融集團(tuán)(Mitsubishi UFJ)在中國的業(yè)務(wù)有85%至90%倚賴日資公司。但這兩類銀行都開始重視本地客戶，反映出中國3億到4億個(gè)人客戶的潛力--這其中或許有5千萬到1 億客戶屬于中等或中等以上收入水平。
Western banks that have done so, including Citigroup, are rolling out more branches - the US bank opens its 20th on Thursday - in part to woo wealthy individuals. The latter often run their own companies and so bring corporate business too. Other banks concentrate on servicing multinationals. Mitsubishi UFJ, Japan's top lender, relies on Japanese companies for around 85-90 per cent of its China activity. But both camps have an eye on local customers, reflecting the pool of 300m-400m individuals, maybe 50m-100m of whom are in the middle-income bracket or higher.
這些數(shù)字無疑是誘人的，除去高昂的啟動(dòng)成本，外資銀行正處于某種類似于"甜蜜點(diǎn)"(sweet spot)的狀態(tài)。事實(shí)將證明，最近剛剛完成資本結(jié)構(gòu)調(diào)整的本地大型銀行一旦開發(fā)出更加成熟的產(chǎn)品，將帶來強(qiáng)大的競爭。當(dāng)前中國很有吸引力的利差水平是利率管制的因果，因此不會(huì)維持太長時(shí)間。外資銀行還受益于存貸比寬限期，使得它們發(fā)放的貸款占存款的比例可以超過規(guī)定的75%。因此，除非外資銀行能夠吸收到大量人民幣存款，否則在寬限期結(jié)束后，它們的雄心可能會(huì)受到限制。行業(yè)巨頭應(yīng)該能微笑著出線，但小規(guī)模的在華外資同行估計(jì)會(huì)落敗出局。
The numbers are undoubtedly enticing, but high start-up costs aside, foreign banks are enjoying something of a sweet spot. Competition from the big local banks, only recently recapitalised, will prove formidable as they develop greater product sophistication. The current attractive interest rate spreads are a symptom of regulated rates - and thus have a limited shelf life. Foreign banks are also benefiting from a grace period allowing them to make loans beyond the stipulated 75 per cent of deposits. So unless banks are able to attract sizeable local currency deposits, ambitions could be crimped when that waiver ends. The industry's giants should be able to emerge smiling, but expect several of their smaller rivals in China to fall by the wayside
They came, they saw - and while they have yet to conquer, foreign banks' cash tills in China are ringing. In the first five months of this year, overseas banks' profits in the country grew by an annualised 43 per cent, according to regulators; although the total is still small at just $400m shared among 75 banks.
自去年年底以來，勝利者和"小角色"之間的差距已然加大--當(dāng)時(shí)，中國針對(duì)那些希望從事人民幣業(yè)務(wù)的外資銀行實(shí)施了新的標(biāo)準(zhǔn)。資本金的要求并不繁重，但額外一級(jí)的管理要求卻讓很多銀行停住了腳步：到目前為止，只有12家外資銀行在中國完成了法人注冊。
The gap between winners and bit-players has widened since the end of last year, when China implemented new criteria for banks wanting to conduct local-currency services. The capital requirements were not especially onerous, but the extra layer of administration served to deter many: so far, just a dozen have incorporated.
包括花旗集團(tuán)(Citigroup)在內(nèi)已經(jīng)完成注冊的西方銀行，都在大力擴(kuò)展分行網(wǎng)絡(luò)--花旗集團(tuán)的第20家分支機(jī)構(gòu)將于周四開業(yè)。它們大量增設(shè)網(wǎng)點(diǎn)的部分目的在于吸引富有的個(gè)人客戶。這些客戶通常都有自己的公司，因此也會(huì)帶來企業(yè)銀行業(yè)務(wù)。其它一些銀行將重點(diǎn)放在為跨國公司提供服務(wù)。作為日本的銀行，三菱UFJ金融集團(tuán)(Mitsubishi UFJ)在中國的業(yè)務(wù)有85%至90%倚賴日資公司。但這兩類銀行都開始重視本地客戶，反映出中國3億到4億個(gè)人客戶的潛力--這其中或許有5千萬到1 億客戶屬于中等或中等以上收入水平。
Western banks that have done so, including Citigroup, are rolling out more branches - the US bank opens its 20th on Thursday - in part to woo wealthy individuals. The latter often run their own companies and so bring corporate business too. Other banks concentrate on servicing multinationals. Mitsubishi UFJ, Japan's top lender, relies on Japanese companies for around 85-90 per cent of its China activity. But both camps have an eye on local customers, reflecting the pool of 300m-400m individuals, maybe 50m-100m of whom are in the middle-income bracket or higher.
這些數(shù)字無疑是誘人的，除去高昂的啟動(dòng)成本，外資銀行正處于某種類似于"甜蜜點(diǎn)"(sweet spot)的狀態(tài)。事實(shí)將證明，最近剛剛完成資本結(jié)構(gòu)調(diào)整的本地大型銀行一旦開發(fā)出更加成熟的產(chǎn)品，將帶來強(qiáng)大的競爭。當(dāng)前中國很有吸引力的利差水平是利率管制的因果，因此不會(huì)維持太長時(shí)間。外資銀行還受益于存貸比寬限期，使得它們發(fā)放的貸款占存款的比例可以超過規(guī)定的75%。因此，除非外資銀行能夠吸收到大量人民幣存款，否則在寬限期結(jié)束后，它們的雄心可能會(huì)受到限制。行業(yè)巨頭應(yīng)該能微笑著出線，但小規(guī)模的在華外資同行估計(jì)會(huì)落敗出局。
The numbers are undoubtedly enticing, but high start-up costs aside, foreign banks are enjoying something of a sweet spot. Competition from the big local banks, only recently recapitalised, will prove formidable as they develop greater product sophistication. The current attractive interest rate spreads are a symptom of regulated rates - and thus have a limited shelf life. Foreign banks are also benefiting from a grace period allowing them to make loans beyond the stipulated 75 per cent of deposits. So unless banks are able to attract sizeable local currency deposits, ambitions could be crimped when that waiver ends. The industry's giants should be able to emerge smiling, but expect several of their smaller rivals in China to fall by the wayside