Do you know what is the transformation of bank retail business?

In September, China Merchants Bank once again became the focus of media and public attention: with "the best retail bank in China" as the biggest selling point, China Merchants Bank completed an unprecedented successful H-share issuance and listed in Hong Kong, and its snapping up in the global, especially Asian markets showed that all investors highly recognized China Merchants Bank's positioning and future development prospects.

Then, on June 7th 10, China Merchants Bank joined hands with Lang Lang, a world-famous piano performance artist, to play an artistic chapter and shape the brand image of "China Merchants Bank changes because of you". Lang Lang, whose fame is increasing day by day, is pleased to be invited as the image ambassador and brand spokesperson of China Merchants Bank. At present, it is the first time for the domestic financial community to formally hire an image ambassador.

H-share issuance is the highest among many mainland enterprises.

In less than seven months, China Merchants Bank has stepped onto the international capital market and become a large Chinese-funded enterprise with the shortest preparation time for H-share listing. Not only that, the enthusiastic pursuit from global investors has also created a number of firsts for overseas IPOs of mainland enterprises.

A series of beautiful data show the charm of China Merchants Bank: 97% roadshow order rate is significantly higher than the average 82% of overseas IPO orders of large companies in China in the past, and there is basically no price sensitivity; Retail investors oversubscribed 266 times, higher than Bank of Communications 6 1 times, higher than PICC P&C insurance 5 1 times and higher than PICC P&C insurance 25 times, all of which set a new high for large Chinese-funded enterprises to go public in Hong Kong over the years. The pricing valuation of China Merchants Bank is 2.44 times, which is 12% higher than Bank of China, 24% higher than CCB and 54% higher than Bank of Communications. It is not only the highest-priced domestic bank listed in Hong Kong so far, but also the first bank to price at the top of the price range. ...

Critical international investors highly agree with the investment value of China Merchants Bank. The final order rate of global mutual fund investors exceeds 97%. In the words of professionals, institutional investors can be described as "very successful" when the order rate exceeds 80%, and "very rare" when it exceeds 90%. In order to ensure the subscription share, most overseas institutions place orders through "no-ceiling orders" (referring to the number of shares that institutions need to subscribe, regardless of whether China Merchants Bank will ultimately price at the upper or lower limit). The wave of snapping up is even more vivid in the Hong Kong market, including Li Ka-shing, Chairman of Changhe Department, Lee Shau Kee, Chairman of Henderson Land, Zheng Yutong, Chairman of Chow Tai Fook, Wharf, Hehe Industry, Kerry Construction, Nanfeng Shares, Xinhe Shares, Huazhi Shares and many other listed companies and Hong Kong tycoons all appear in the list of investors of China Merchants Bank.

Due to active oversubscription, China Merchants Bank failed to realize each individual's H shares. In the face of huge market demand, the relevant exchanges have given additional "courtesy" to China Merchants Bank's warrant products. On the day when China Merchants Bank was listed in Hong Kong, six warrant issuers, including Citigroup, Deutsche Bank and JPMorgan Chase, took the lead in issuing 14 warrants on the Singapore Stock Exchange. Citibank is the most active, launching four China Merchants Bank warrants at a time. HKEx also broke the convention that "ordinary new shares are eligible for warrants at least 60 trading days after listing", allowing warrant issuers to apply for issuing warrants on the first day of listing of China Merchants Bank, which shortened the listing time of warrants of China Merchants Bank by 20 trading days compared with the past. Previously, warrants of China Bank, China Construction Bank, BOC Hong Kong, Standard Chartered Group, China Telecom, China Life Insurance, Ping An of China, Bank of Communications, Shenhua of China and many other large-cap stocks were issued only 20 trading days after listing.

No wonder the media at home and abroad and people in the industry chose the word "unprecedented success" when talking about the H-share issuance of China Merchants Bank.

Promoting "Ten Transformations" and Leading Transformation

Ma Weihua has been the president of China Merchants Bank for eight years. Together with his management team, he promoted the local small bank originally located in Shekou, Shenzhen, and realized the transformation from "ugly duckling to white swan".

Especially in the past three years, China Merchants Bank has completed the listing of A shares, the successful issuance of convertible bonds and the landing of H shares in Hong Kong, and embarked on the "Yangguan Avenue" for China Merchants Bank to replenish its capital. Especially after the issuance of H shares, the indicators of China Merchants Bank attracted more attention: the net assets per share rose from 2.7 1 yuan before the issuance to 3.66 yuan after the issuance, an increase of 35%; The capital adequacy ratio increased from 8.28% before issuance to 65,438+02.35% after issuance, an increase of 4.07 percentage points; The core capital adequacy ratio has also increased from 6.43% before issuance to 10.50%.

Where will China Merchants Bank, which has boarded the new platform, point to in its next development?

There are indications that China Merchants Bank will still strive to maintain its leading position in strategic transformation. The management of China Merchants Bank has long been soberly aware that there will be three major factors driving the bank's transformation in China's social and economic life in the future. First, China's economic growth will inevitably lead to the improvement of people's living standards, which will lead to a huge market space for consumer credit, including personal loans, wealth management and credit cards. Ma Weihua once predicted that the wholesale credit of banks will drop sharply in the future, the corresponding proportion of consumer credit will increase, and the profit income brought by consumer credit and intermediary business will also increase significantly. Second, with the development of the direct capital market, the position of indirect bank financing in the whole society will drop from the current 82.5% to about 50%. The result of interest rate marketization will inevitably lead to the narrowing of spreads and the deviation of high-quality customers from commercial banks. Third, the capital constraints on banks will be strengthened day by day.

Based on the above understanding, China Merchants Bank, which has always been good at taking precautions, has once again accelerated its strategic transformation. At the beginning of this year, the management of China Merchants Bank put forward the concept of "ten changes", that is, from scale orientation to value orientation; Turn book profit into economic profit; Change extensive management into fine management; From big to excellent theory; Change control risk into management risk; Change a single profit into multiple profits; Change passive pricing into active pricing; Changing proportional management into capital management; Change the department bank into a process bank; Change administrative adjustment into interest adjustment.

According to Ma Weihua's requirement of "completely sublating the old management concepts and methods and subverting the traditional bank management concepts", the "Ten Major Changes" fundamentally shook the traditional bank management values from the value concept to the assessment means, from the management mode to the profit form, and from the management system to the organizational structure. "Ten changes" represents the brand-new value orientation and evaluation criteria of China Merchants Bank, with the focus on building the long-term core competitiveness of China Merchants Bank.

People have reason to believe that after the baptism of "ten changes", China Merchants Bank will present more surprises to customers and investors.

Signed Lang Lang as the image ambassador, and China Merchants Bank played a new movement in brand building.

On June 7, 2006, 10, China Merchants Bank left a pioneering stroke in the history of its corporate brand culture construction: Lang Lang, an internationally renowned piano performance artist, accepted the invitation of China Merchants Bank and went to Shenzhen in his busy schedule to sign a contract to become the bank's image ambassador and brand spokesperson.

On this day, it was less than half a month before China Merchants Bank successfully listed H shares in Hong Kong.

According to reports, according to the agreement between the two parties, Lang Lang will attend a series of social welfare activities such as brand promotion and product promotion arranged by China Merchants Bank in the future. The products of China Merchants Bank endorsed by Lang Lang include bank wealth management products such as smart card, credit card and golden sunflower card, as well as the brand image of China Merchants Bank.

Taking this as a starting point, China Merchants Bank will launch a series of brand promotion and social welfare activities with Lang Lang as the core. This is another important measure for China Merchants Bank to adhere to the concept of "change with you" to serve its customers and actively promote brand internationalization. It also marks that the brand building of China financial industry has entered a new stage.

What are the similarities between the two sides?

On the one hand, it is a world-renowned young piano performance artist in China, and on the other hand, it is a local bank that has created a miracle of rapid growth with "innovative service, leading technology and cutting-edge image" as a magic weapon since its establishment. What are the similarities between the two sides?

In this regard, the relevant person in charge of China Merchants Bank said: "Lang Lang's personal image, international reputation and social status are highly compatible with China Merchants Bank's brand positioning."

It is reported that China Merchants Bank was established in 1987. In the development process of nearly 20 years, we are determined to innovate and constantly seek change, and have created dozens of domestic financial industry firsts in innovative financial products and services.

In recent years, it has been awarded many awards by authoritative organizations at home and abroad, such as "Best Commercial Bank in China", "Best Retail Bank in China", "Most Respected Enterprise in China" and "Top Ten Listed Companies in China". On September 22nd, China Merchants Bank successfully listed H shares in Hong Kong, which was widely recognized by the market.

The person in charge of China Merchants Bank bluntly said: "Mr. Lang Lang's musical talent and his passionate performance passion complement each other. He is the most ideal interpreter in the field of classical music and an idol in the hearts of young people. His fame and success are the perfect combination of genius, diligence and opportunity. "

First of all, although Lang Lang was born in China, he enjoys a world-famous reputation and high international recognition, which is very consistent with the direction of China Merchants Bank to build an international brand.

Secondly, Lang Lang is young, energetic and innovative, and his performance is full of passion and vigor, which is highly consistent with the brand personality of China Merchants Bank, which is "innovative and leading".

Third, as an international goodwill ambassador of UNICEF, Lang Lang conforms to the concept of "corporate social responsibility" advocated by China Merchants Bank.

Since 1994, China Merchants Bank has actively participated in a series of social welfare activities in Yunnan, such as helping the poor, donating money to help students, fighting SARS, and donating money for disaster relief. The concept of "corporate social responsibility" has been extended to poverty alleviation, education, environmental protection, public health and other fields, and more than 50 million yuan has been donated to various public welfare undertakings and 6.5438 million yuan has been donated to employees. It was awarded the China Red Cross Charity Medal and the Love Donation Award by the Red Cross Society of China and the Ministry of Civil Affairs, and won the title of "the most respected enterprise in China" for five times.

Lang Lang was also impressed by the brand concept of innovation, leadership and service of China Merchants Bank.

He said that he was honored to be the image ambassador of China Merchants Bank. Just as free performances come from unremitting efforts and persistent artistic pursuit of Excellence, China Merchants Bank has made unremitting innovation and progress in the development history of nearly 20 years, and created various financial products that make people's lives more convenient with customers as the starting point. There are similarities and differences between them.

A bridge to customers

It is these similarities and the same value orientation that bring Lang Lang and China Merchants Bank together.

"I believe that Lang Lang will become a bridge between China Merchants Bank and customers in the future. China Merchants Bank's five-star service and innovative financial products will bring more convenience and comfort to the public. " China Merchants Bank is full of confidence in this cooperation with Lang Lang.

Lang Lang of the world, the pride of China people. Now, the whole world is paying attention to this youngest, most powerful and most attractive China pianist.

Similarly, people have placed infinite expectations on China Merchants Bank, a national financial brand that is striding towards the international market.

As Ma Weihua, president of China Merchants Bank, pointed out, "The construction of financial brand is directly related to the international competitiveness of China's financial industry. If you can't create your own well-known brand, you won't win the market and customers, and you will even be eliminated. "

This is the internal motivation for China Merchants Bank to spare no effort to create a distinctive brand image.

Why are investors optimistic about China Merchants Bank?

A joint-stock commercial bank with a growth history of only 19 ranks only sixth among domestic banks in terms of scale. There is neither the policy advantage of "national prefix" and state capital injection to divest non-performing assets, nor the introduction of internationally renowned strategic investors. How can we win the favor of domestic and foreign investors?

According to the evaluation of the international investment banking industry, China Merchants Bank is favored by international investors because IT has different highlights from other banks, such as retail banking strategy, credit card business and IT service platform. Compared with other listed mainland state-owned commercial banks, China Merchants Bank has not received any support from the government, and all its success is the result of its own efforts. In the eyes of international investors, China Merchants Bank has the ability and risk awareness to compete with international counterparts.

Ma Weihua, president of China Merchants Bank, recently revealed at the China Enterprise Innovation Forum held by Shenzhen Hi-Tech Fair that China Merchants Bank is popular in the international capital market for three reasons: growth, marketability and stability. He believes that growth is the direction and goal of innovation of China Merchants Bank; Marketability can be understood as the gene and motivation of innovation; Stability is the condition and guarantee of innovation.

Growth: accurately judge the future and put it into practice

Ma Weihua believes that the key to bank competition is to see the development direction before others. We should be able to discover new things that may be weak at first but have great vitality, and we can put them into practice as soon as we find them.

For example, as early as ten years ago, China Merchants Bank began to pay attention to the retail business and innovatively launched a one-card card, which opened a new era of domestic personal retail business. In the first half of this year, the number of cards issued by one card exceeded 40 million, and the average deposit balance of each card was 2.53 times the national average. In Shanghai, China Merchants Bank, with only 39 outlets, has more savings than several large banks headquartered in Shanghai with more than 150 outlets respectively, which is the huge business opportunities brought by innovation to banks. Accurate market positioning and excellent product series make retail business the biggest highlight of China Merchants Bank.

China Merchants Bank started to engage in credit cards five years ago. At that time, no one thought that credit cards could bring profits to banks. China Merchants Bank, believing in creating its own brand, declined Citibank's request for a co-branded card and launched the first real credit card in China in1March. It's only three years since the first card was issued. The credit card of China Merchants Bank has occupied 42% of the credit card market in China, and this year it began to make a profit, which is rare in the history of issuing cards all over the world. More than 30% of its credit card customers use revolving credit, and the investment interest accounts for 38% of the total loan. From 2003 to 2005, the credit card transaction volume achieved a compound annual growth rate of 265,438+065,438+0%. It is estimated that the contribution of credit cards to the profit of China Merchants Bank will be close to 10% in the future.

Marketization: the background of non-state-owned banks "forces" the real ability

Another important factor for overseas investors to be optimistic about China Merchants Bank is its marketability in the folk background. Ma Weihua believes that service awareness comes from marketability, because the emerging joint-stock commercial banks can only rely on better services and closer products than others if they want to survive. What people in China Merchants Bank think about every day is not what others have done, but what others have not done or even thought about, which will be the most promising thing in the future. Therefore, "from the day when China Merchants Bank was born, the innovation gene was buried in the body".

Market genes also help banks to strengthen risk awareness and avoid credit risks. In recent years, whenever major events such as silver occurred, China Merchants Bank almost got away with it. The fundamental reason is that once there are non-performing assets, it is impossible to expect to be stripped. Every bad asset should be offset with real money, which is related to the interests of shareholders and the vital interests of every employee. In this kind of pain, the meaning of risk has emerged and is deeply rooted in the hearts of every employee. By the end of June this year, the NPL ratio of China Merchants Bank was 2.29%, which was one of the lowest among domestic banks.

Stability: form a cultural atmosphere that attaches importance to innovation

Ma Weihua emphasized that stability is the condition and guarantee of China Merchants Bank's innovation, and stability is also the culture of China Merchants Bank. Bank presidents can change, but the culture formed by banks is stable, unchangeable and relatively eternal. China Merchants Bank has been carrying out institutional innovation for many years, but it pays more attention to the atmosphere of innovative culture and establishes its own brand. From one card to one netcom, from credit card to sunflower financial management, they are all brands of our national financial industry and the contribution of China Merchants Bank to the country and the nation.