中国银行业的挑战与民生银行的转型实践-中国民生银行

中国银行业的挑战与民生银行的转型实践

2011-9-23 13:40:27

未来银行业将出现分化，规模和资本并不是决定赢利的最主要因素，银行的客户选择、商业模式、定价能力和风险管理水平对赢利具有更大影响

中国银行业的挑战与民生银行的转型实践

董文标/文

中国银行业转型势在必行

当前中国银行业主要面临三大挑战：

第一，利率市场化时代即将到来的挑战。

“十二五”期间，加快推进利率市场化是金融改革的重要内容。当前国内银行的收入结构中，80％以上还是来自利差收入，非利息收入的比重很低；主要的对公客户都是大型企业，特别是大型国有企业，虽然贷款利率会下浮，但是风险也较小，利差收益有保障。

利率市场化的直接后果就是金融脱媒加剧，银行服务大客户的传统模式将难以为继：大型优质客户或者离开银行，通过资本市场直接融资；或者进一步压低贷款利率，使得银行贷款无利可图。

在利率市场化时代，银行必须学会与中小型企业打交道，了解它们的信贷需求和风险特性，这给银行的风险管理模式带来了新的挑战；贷款利率将主要取决于市场资金的供求状况和对客户风险的识别，这对银行的贷款定价能力和风险识别能力提出新的要求；面对市场利率的灵活多变，银行迫切需要与利率风险管理相关的金融创新，而近年来中国银行业的金融创新严重不足。

第二，银行监管标准提高的挑战。

此次席卷全球的金融危机之后，全球银行业酝酿深层次的监管变革。去年12月16日，巴塞尔银行监管委员会发布了《增强银行业抗风险能力的全球监管框架》和《流动性风险计量、标准与监测的国际框架》，即巴塞尔Ⅲ。巴塞尔Ⅲ以资本和流动性监管改革为核心，旨在构建更加完善的银行业监管体系。

本着与国际银行业监管体系接轨和防范国内银行业风险的考虑，中国的银行监管机构也提高了对银行的监管标准，一方面，加快推进巴塞尔新资本协议Ⅱ和巴塞尔新资本协议Ⅲ的同步实施，另一方面，发布了《中国银行业实施新监管标准指导意见》，明确了资本充足率、杠杆率、流动性、贷款损失准备监管标准，确立了中国银行业实施新监管标准的政策框架。

随着监管标准的提高，银行吸收存款日益困难、发放贷款愈发受限、补充资本更加麻烦，继续依靠传统的“吸收存款-发放贷款－补充资本”的粗放式增长方式实现快速发展将不再现实。

第三，移动互联网对传统银行业的挑战。

当前，中国银行业对信息技术的利用还处于网上银行和电话银行阶段，而全球信息技术业已经进入移动互联网时代，这给包括银行业在内的众多行业带来新的挑战。

移动互联网时代的到来，社交网络和微博等沟通工具的兴起，对银行传统的客户营销和客户服务提出了全新挑战；手机支付、移动互联支付等支付工具和支付手段的出现，对银行传统的支付结算方式产生了严峻挑战。

把握新一轮信息技术革命带来的创新机遇、用信息技术革命的最新成果改造传统银行业，将是中国银行业的一个巨大挑战，也是新一轮银行业竞争的焦点。

民生银行的转型实践

中国民生银行于1996年1月12日正式成立，是中国首家主要由非公经济发起设立的全国性股份制商业银行。作为中国银行业改革试验田，15年来民生银行推出了一系列改革创新举措，在中国银行业有着深远影响。

对于改革创新，民生银行的理念是“提前十年想、提前五年做”，这样才能未雨绸缪，比同业先走一步，取得先发优势。事实证明，这一理念对于民生银行持续的改革创新和成功的战略转型意义重大。

第一，民生银行的战略转型。民生银行的战略转型在2006年初全面启动。2001年到2005年，民生银行实现了高速健康发展，总资产的年均增长率达到77％，净利润的年均增长率达到160％。

到2005年，面对利率市场化改革的步伐加快和国有银行改革之后竞争力的显著提升，民生银行认识到必须进行转型，从外延式、粗放型的增长方式向内涵式、集约型的增长方式转变，以应对利率市场化时代全面到来的挑战。当时我在一次内部讲话中指出：“民生银行成立以来主要是以公司业务，尤其是大公司业务为发展重点，几乎所有资源都向大公司业务倾斜，从业务营销到风险管理、组织结构、考核激励等内部支持体系都建立在适应大客户服务的基础上，形成相对简单、粗放和规模扩张的发展模式。这种集中、单一的业务结构和业务发展模式显然落后于正在变化中的国内金融市场。因此，我们的公司业务要进行转型和调整。”

转型从民生银行最具竞争力的公司业务改革开始，核心是进行管理模式和组织架构的变革，以提高服务客户的专业化能力和水平，以控制风险，满足客户深度的、多样化的金融需求。

2006年初，民生银行在中国银行业率先启动公司业务集中经营改革，把支行的公司业务全部上收到分行，分行成立专门的行业公司金融部，初步建立了公司业务专业化经营的基础。2007年9月，民生银行在中国银行业首家全面启动公司业务事业部制改革，把地产、能源、交通和冶金等高风险的公司业务由支行—分行—总行“三级经营、三级管理”的体制变为事业部“一级经营、一级管理”的体制，通过专业化运营来提升风险管理能力、专业化服务能力和综合金融服务能力，这些能力转化为民生银行不良贷款的持续“双降”、贷款定价能力的不断提高和中间业务收入创造能力的逐步提升。

公司业务事业部制改革把几百家支行的广阔平台腾了出来，为零售业务的大发展创造了条件。2008年下半年，民生银行把零售业务的突破点确定为小微企业，提出“商户进支行、商户上柜台”；2009年2月，民生银行开始全面进军小微金融服务领域，推出了小微企业贷款“商贷通”，在全国性商业银行中率先进军小微企业金融服务蓝海。2009年下半年，民生银行提出新的战略定位：“做民营企业的银行、小微企业的银行、高端客户的银行”，通过明确战略定位，集中有限的资源服务目标客户，为客户创造价值。

转型取得了显著成效，目前民生银行已成为一家在业务结构、收入结构和客户结构方面不同于其他同业的特色银行：业务结构方面，传统商业银行业务与新兴投资银行业务并重；收入结构方面，利息收入与非利息收入并举；客户结构方面，民营企业、小微企业、零售高端客户为主要客户。这些特色使民生银行的效益显著提升，今年上半年，民生银行的净利润达到139.18亿元，同比增长56.98％；年化平均总资产收益率达到1.41％；平均净资产收益率达到12.54％；净息差高达3％；手续费及佣金净收入占比达到20.38％，这些指标都名列同业前茅。

第二，民生银行的小微金融实践。近年来，民生银行的小微企业金融服务受到政府和监管机构、银行同业和境内外投资者的高度关注。全面进军小微企业金融服务蓝海、“做小微企业的银行”，是民生银行转型的重要内容。下面介绍一下民生银行的小微金融实践。

在民生银行全面进军小微企业金融之前，小微企业贷款基本上等同于“高成本、高风险”，除了一些城商行开展这项业务之外，全国性银行普遍认为这项业务风险太高、成本太高、无利可图。2008年6月，在民生银行成都分行的一次视察，让我看到了小微企业金融服务的广阔市场和巨大潜力，认为民生银行在这个领域大有可为，就把小微企业金融服务确定为民生银行零售业务大发展的突破口。

经过半年多的广泛调研和慎重研究，2009年2月20日，民生银行推出了小微企业贷款“商贷通”，为小微企业提供单笔不超过500万元、平均100万元左右的贷款。到了2010年8月25日，“商贷通”余额突破1000亿元，贷款户数超过8万户；到了今年6月末，“商贷通”余额突破2000亿元，占民生银行贷款余额的19％左右，贷款户数超过12万户，不良贷款率只有0.13％。民生银行用了两年多时间就发展成为全球最大的小微金融服务机构之一。

民生银行的小微金融服务能够快速获得成功，源于通过商业模式的创新，解决了制约小微金融发展的“三高”：成本高、风险高、门槛高。具体而言：坚持“规划先行、批量营销、标准作业”的原则，实现零售业务批发做，减少了小微贷款的人工成本；按照“大数定律”的原则来确定违约风险，依据“收益覆盖风险”的原则确定贷款利率，实现了小微企业贷款的低风险和高收益；弱化对抵押品的要求，开发了联保、互保等多种担保方式，降低了小微企业获得贷款的门槛。

民生银行小微企业贷款业务的快速发展引起了同业的高度关注，不少银行同业纷纷跟进，推出了与“商贷通”相似的贷款产品，并且在贷款价格上展开激烈竞争。面对市场环境和竞争态势的变化，民生银行又酝酿对小微金融服务的全面升级。今年6月，民生银行推出小微金融2.0升级版，把小微企业金融服务从单纯的小微企业贷款扩展到包括小微企业结算、小微企业主金融知识普及教育和家庭财富管理在内的全面金融服务，并推出小微企业票据、超短贷等种类更加丰富的小微贷款产品，以满足小微企业多样化的金融需求，让小微企业能够充分享受到现代金融服务。

应该说，民生银行的小微金融实践，一方面增强了自身应对利率市场化挑战的实力，为成功转型奠定了基础；另一方面也让银行同业纷纷进入这个广阔蓝海，为破解小微企业融资难找到了根本出路。

银行业转型展望

传统上，中国银行业基本上是走“规模经济”的路子：谁的资产规模大、资本实力强，谁的赢利就高。因此银行都在积极地做大，“吸收存款－发放贷款－补充资本”是整个银行业的生存之道。随着中国经济增长速度的减缓和经济结构调整的深化，以及金融市场和监管环境的变化，这种同质化的经营模式将不可持续。

近年来，各家银行纷纷提出转型的口号，并根据自身的特点进行了转型探索。我认为，随着各家银行转型的深入，未来中国银行业将形成差异化竞争态势。各家银行将根据自身的实力和特点来寻找特定的业务领域和服务对象，走差异化的发展道路。届时，银行业将出现分化，规模和资本并不是决定赢利的最主要因素，银行的客户选择、商业模式、定价能力和风险管理水平对赢利具有更大影响。

我相信，银行的转型成效将决定其市场竞争力。在经济和金融环境处于巨变的时代，哪家银行转型起步早、方向对、成效大，哪家银行就能够在变化的挑战中立于不败之地。

The banking industry is set to undergo a process of differentiation whereby scale and capital will not be the most important factors determining profitability. Instead, customer choice, the banks?business models, pricing and risk management will have the greatest impact on earnings

Challenges Faced by the Chinese Banking Industry

By Dong Wenbiao, Chairman of China Minsheng Bank

A Restructuring of China’s Banking Industry is Inevitable The banking industry in China currently faces three major challenges:

1. Challenges brought about by the marketization of interest rates:

The introduction of an unfettered interest rate market is an important component of the financial reforms planned for the 12th Five-Year Plan period. Looking at the current revenue structure of domestic banks, 80 percent of total income is derived from interest.

This interest-based income is mainly derived from large corporate customers, especially large state-owned enterprises. Although the interest rates of such loans have shown a downward trend, associated risks are low overall and an income stream is guaranteed.

A disintermediation of the financial system will be the most direct consequence of introducing a free interest rate market, and the traditional model of offering banking services to large customers will be difficult to sustain. Large, high-quality customers will either abandon their banks and obtain direct financing through capital markets or put pressure on banks to push down lending rates, making bank loans unprofitable.

In an era of marketized interest rates, banks must learn to deal with small- to medium-sized businesses, and better understand their credit needs and distinct credit risk profile. This will present new challenges for banks?risk management models. Loan interest rates will be mainly determined by capital market supply and demand and potential client risk, which will put new demands on the banks?ability to price loans and identify risk. In the face of ever changing interest rates, banks urgently need to innovate with respect to financial risk management. Unfortunately, financial innovation has been sorely lacking in China’s banking sector in recent years.

2. Challenges brought about by the strengthening of banking regulation:

Following the global financial crisis, a slew of regulatory changes have been brewing within the banking industry. On December 16, the Basel Committee on Banking Supervision released their report, Global Regulatory Framework for More Resilient Banks and Banking Systems?as well as an international Framework For Liquidity Risk Measurement, Standards And Monitoring, collectively known as Basel III. Basel III is at its core a program of capital and liquidity regulation reform and is designed to improve the current system of banking oversight.

Based on concerns that the Chinese banking system must be in line with international regulatory standards and in order to limit risk in the domestic banking system, China’s banking regulators have raised domestic banking regulatory standards while pushing forward an implementation of the new Basel and Basel III capital accords.

At the same time, guidelines for the Implementation of New Regulatory Standards for China’s Banking Sector have been issued, clarifying capital adequacy ratios, leverage ratios, liquidity, loan loss provisions and regulatory standards and establishing a policy framework for the implementation of regulatory standards within China’s banking industry.

With the improvement of regulatory standards, it will become increasingly difficult for banks to absorb deposits, loans will become more constrained, and capital supplementation will become more challenging. Continuing to rely on the traditional extensive growth model of accepting deposits - making loans - supplementing capital?is no longer realistic.

3. Challenges brought about by the mobile Internet:

At present, Chinese banks?use of information technology remains restricted to online banking and telephone banking. The global information technology industry has ushered in new mobile Internet era. This new era will present many industries, including banking, with several new challenges.

The arrival of the mobile Internet era as well as the rise of social networking, microblogging and other communication tools, presents a new challenge to banks?traditional marketing and customer service strategies.

Furthermore, the emergence of cell phone-based payment, mobile Internet payments, and other payment tools and methods presents a severe challenge to the banks?traditional methods of payment settlement.

Taking advantage of new opportunities for innovation brought about by the information technology revolution and using the latest technological innovations to transform traditional banking will be a huge challenge for China’s banking sector. It will also be crucial in determining future industry competitiveness.

Restructuring Implementation

China Minsheng Bank was formally established on January 12, 1996 as China’s first major national joint-stock commercial bank not derived from a public entity. As a testing ground for China’s banking sector reform, Minsheng Bank has launched a series of reforms and innovation initiatives that have had a far-reaching impact on China’s banking sector.

Regarding reform and innovation, Minsheng Bank’s philosophy is think ahead 10 years, do ahead five years,?allowing us to prepare for future challenges and innovate ahead of the industry to obtain a first-mover advantage. Experience has shown that this philosophy has been extremely important in allowing Minsheng Bank to achieve continued reform, innovation and strategic restructuring.

1. Minsheng Bank’s strategic restructuring:

Minsheng Bank’s strategic restructuring started in early 2006.

From 2001 to 2005, the bank achieved rapid and healthy development with an average annual growth rate on total assets of 77 percent and an average annual net profit growth rate of 160 percent.

By 2005, in the face of accelerating interest rate marketization reforms and increasing competitiveness in state-owned banks brought about by additional reforms, Minsheng Bank recognized the need for restructuring, moving away from a pattern of extensive growth to one of intensive growth as a response to challenges brought about by the advent of an open interest rate market.

At the time I made the following point at an internal meeting: Since the establishment of Minsheng Bank, the main focus of our development has been in serving businesses, especially big businesses. Almost all of our resources are poured into serving large business and all of our internal support systems, from marketing and business risk management to organizational structure and assessment incentives, are based on serving the needs of large customers with a simple formulation and a development model that depends on raw expansion. This centralized, homogeneous business structure and business model is clearly lagging behind the changing domestic financial market. Therefore, our business must restructure and adjust.

Restructuring will begin from Minsheng Bank’s most competitive businesses. At its core, it will be a change in our business management model and organizational structure to improve our level of customer service and professionalism, control risk, and meet the diversified financial needs of our customers.

In early 2006, Minsheng Bank lead the industry in launching reforms in the company’s business banking operations, reallocating corporate business from sub-branches to corresponding branches, and establishing industry-specific corporate finance departments in all branches, thus taking the first step in establishing more professional and specialized solutions for corporate customers. In September 2007, China Minsheng Bank was the first in the banking industry to initiate reforms in its business division system, changing the management system for high risk businesses such as real estate, energy, transportations and metallurgy from a three level operation, three level management?system divided into sub-branches, branches, and bank headquarters, to one of single level operation, single level management?strengthening risk management and improving our ability to deliver professional, integrated financial services by specializing our operations. This has allowed us to sustainably “double down” on non-performing loans, improve loan pricing and gradually improve our ability to create intermediate business income.

Reforms in our business division system have unleashed a broad platform for hundreds of branches, creating favorable conditions for the large scale development of retail businesses. In the second half of 2008, we determined that the next great breakthrough in the retail banking business would be in serving small businesses. For this reason, we came up with a plan whereby business customers could directly interact with branches. In February 2009, Minsheng Bank began to offer micro-financial services and launched small business-oriented micro-loans with our “shangdaitong” product line. At the time, we were the first national commercial bank to enter the market of small business financial services.

In the second half of 2009, Minsheng Bank declared a new strategic vision: “become the bank of choice for private enterprises, small businesses and high-end customers” by clear strategic positioning and a concentration of limited resources to serve and create value for customers.Our transformation has achieved remarkable results - Minsheng Bank has now become unique in the industry in terms of its business structure, income structure, and customer structure. With regard to our business structure, we have placed emphasis on both traditional commercial banking and investment banking. In terms of our revenue structure, we have pursued both interest and non-interest sources of income. Finally, our customer structure incorporates private enterprises, small businesses, and high-end retail customers. Our unique makeup has allowed Minsheng Bank to significantly improve the effectiveness of our operations. In the first half of this year, Minsheng Bank’s net profit reached 13.91 billion RMB, up 56.98 percent year-on-year; our average annualized return on total assets reached 1.41 percent; average returns on equity reached 12.54 percent; our net interest margin was up 3 percent while income from fees and commissions accounted for 20.38 percent of total revenue. These indicators are among the highest in the industry.

2. Minsheng Bank’s micro-financing implementation:

In recent years, Minsheng Bank’s small business financial services have won praise from government and regulatory agencies, fellow banks, and foreign and domestic investors. Moving full tilt into micro-finance services and becoming a small business bank, is an important part of Minsheng Bank’s restructuring plans. Here I will explain a bit about Minsheng Bank’s overall microfinance platform.

Before Minsheng Bank fully entered the realm of microfinance, small business loans were basically regarded as high-cost and high-risk. While a handful of commercial banks developed products for this market, national banks generally considered the risks too high and the business itself too costly and unprofitable. In June 2008 when visiting our Chengdu branch for an inspection, I saw the broad market potential for small business financial services, and realized that such services represented a large opportunity for Minsheng Bank. As such I have designated small business financial services as a major avenue for growth in the development of our retail business.

After six months of extensive research and careful consideration, on February 20, 2009, Minsheng Bank launched its small business loan service, “Shangdaitong” providing small businesses with, on average, 1 million yuan (maximum 5 million yuan) loans. On August 25, 2010, the total balance of “Shangdaitong” loans exceeded 100 billion yuan, with more than 80,000 individual customers. At the end of June this year, the total balance of “Shangdaitong” loans exceeded 200 billion yuan, accounting for 19 percent of all Minsheng Bank loans and serving more than 120,000 individual customers, with a non-performing loan rate of only 0.13 percent. In just over two years, Minsheng Bank has become one of the world’s largest providers of small business financial services.

The secret to Minsheng Bank’s rapid success in providing small business financial services lies in innovation through a unique business model to address the three highs constraining the development of small business financial services: high costs, high risks, and high thresholds. More specifically, we have adhered to a philosophy of planning in advance, mass marketing, and operational standardization to achieve wholesale efficiencies in what is still fundamentally a retail business, reducing labor costs associated with small business loans.

At the same time we have adhered to the law of large numbers to assess default risks and have determined lending rates based on the principle of covering risk with income in order to achieve low risk, high return small business loans. Furthermore, we have reduced collateral requirements and developed several security innovations such as joint insurance and mutual insurance to reduce the barriers small businesses face when obtaining lines of credit.

The rapid development of Minsheng Bank’s small business loan products has attracted significant attention from the industry, causing many banks to follow suit and launch competitively priced products similar to our “Shangdaitong” line. In order to deal with changes to the current market environment and shifts in our competitors strategies, Minsheng Bank has been focused on improving and fully upgrading its small business financial services.

In June 2011, Minsheng Bank launched the upgraded, version 2.0 of its microfinance platform, extending our suite of small business financial services from simple small business loans to small business settlement services, financial literacy programs for small business owners and comprehensive financial services including family wealth management. At the same time, we launched small business bills, extremely short-term loans and other types of microfinance products to meet the financial needs of a variety of small businesses, thus enabling small businesses to fully enjoy the benefits offered by modern financial services.

Minsheng Bank’s microfinance products have not only enhanced its ability to respond to the challenges of the opening up of the interest rate market, they have also laid the foundation for our successful restructuring; moreover, our foray into microfinance has opened up the field to the entire industry, solving financing issues faced by small businesses in a fundamental way.

Restructuring Outlook for the Banking Industry

Traditionally, the Chinese banking sector has pursued economies of scale:

That is to say, the bank with the largest pool of assets and strongest capital position has always reaped the greatest profits. The big banks have always sought to scale their businesses up. As a result, attract deposits - issue loans - shore up capital became the dogma of the entire banking industry. With a future slowdown in China’s economic growth, further economic restructuring, and changes in financial markets and the regulatory environment, this homogeneous approach will not be sustainable.

In recent years, banks have stated their intention to restructure, and have explored the restructuring problem according to their respective situations. In my opinion, as banks move further along in their restructuring efforts, larger differences in competitiveness will emerge among Chinese banks. Banks will seek out specific niches and clients based on their own strengths and market position, differentiating in their development. When this happens, the banking industry will undergo a process of differentiation and scale and capital will not be the most important factors determining profitability. Instead, customer choice, the banks?business models, pricing and risk management will have the greatest impact on earnings.

I believe that the success or failure of such restructuring will determine a bank’s ability to compete in the marketplace. In an era of enormous shifts in the economic and financial environment, banks that get an early start in the restructuring process, choosing a correct heading and effectively implementing their restructuring programs, will be in a good position to face the challenges of this changing environment.

（本文刊发于《财经》特刊：《2011年夏季达沃斯论坛·转型新领军》）

【关闭页面】