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Deutsche Bank is to sell its stake in the Chinese lender Hua Xia for up to 3.7bn as Germany’s biggest bank steps up efforts to strengthen its balance sheet under John Cryan.
德意志銀行(Deutsche Bank)將出售其在中資的華夏銀行(Hua Xia)所持股份，回籠至多37億歐元。在約翰克賴恩(John Cryan)領導下，這家德國最大銀行正加緊努力，加強其資產負債表。
Regulators around the world have been pushing global banks like Deutsche to hold more capital to avoid a repeat of the 2008 financial crisis. The German bank historically operated with higher debt levels than most rivals.
全球監管機構一直在迫使德意志銀行之類的全球銀行持有更多資本，以避免重演2008年的金融危機。這家德國銀行傳統上債務水平高于多數競爭對手。
Mr Cryan, who succeeded Anshu Jain as co-chief executive of Deutsche in July, has made bolstering the bank’s capital position a vital part of his five-year turnround plan. He has already said that Deutsche, which is on course to make a big loss this year, will pay no dividends for 2015 or 2016.
克賴恩于今年7月接替安舒賈恩(Anshu Jain)出任德意志銀行聯席首席執行官。他把提升該行資本狀況列為自己五年扭虧為盈計劃的關鍵部分。他已表示，今年將面臨高額虧損的德意志銀行，可能在2015年或2016年不會派發股息。
Deutsche said that the sale of Hua Xia to China’s PICC Property and Casualty Company, for between Rmb23bn and Rmb25.7bn (3.2bn-3.6bn), would bolster its core tier one capital ratio — a key measure of financial strength — by 30 to 40 basis points.
德意志銀行表示，將所持華夏銀行股份以230億至257億元人民幣（合32億至36億歐元）出售給中國財險公司(PICC Property and Casualty Company)，會把該行核心一級資本率（這是有關財務實力的關鍵指標）提升30到40個基點。
At the end of September, Deutsche’s ratio stood at 11.5 per cent, which is comfortably above regulators’ minimum requirements. However, with tighter capital rules starting to bite, and a number of legal concerns hanging over the bank, some analysts fear the ratio could come under pressure.
9月底，德意志銀行核心一級資本率為11.5%，大大高于監管機構的最低要求。不過，由于更嚴格的資本規定將開始生效，以及該行面臨的多個法律方面的顧慮，一些分析師擔心這一比率可能面臨壓力。
Mr Cryan said that “China remains a key growth market” for Deutsche but insisted that “now is the right time for us to sell this investment”.
克賴恩表示，對德意志銀行來說，“中國依然是一個重要的增長市場”，不過他堅稱“現在是我們出售這項投資的正確時機”。
Deutsche first bought into Hua Xia in 2006, at a time when many western lenders were keen to get access to the growth potential of the Chinese market. In the following years, it built up a 19.99 per cent stake, as well as taking two seats on the Chinese lender’s board, and setting up a credit card joint venture with the Chinese bank.
德意志銀行最初于2006年買入華夏銀行股份。當時，許多西方銀行都急于利用中國市場的增長潛力。在隨后幾年內，該行增持至19.99%的股份，還在這家中資銀行的董事會擁有了兩個席位，并與這家中資銀行成立了一家信用卡合資企業。
However, as Chinese regulators prevented foreign investors from owning more than 20 per cent in Chinese banks, the stake in Hua Xia came to be seen non-strategic by Deutsche’s leadership.
不過，由于中國監管機構不允許外國投資者在中資銀行持股超過20%，該行所持的華夏銀行股份被其領導層視為不具有戰略意義。
Jürgen Fitschen, Mr Cryan’s outgoing co-chief executive, hinted in September that a sale could be on the cards, saying that Deutsche would have to work out how to allocate its capital as efficiently as possible in the face of China’s restrictions on foreign ownership. Deutsche subsequently wrote down the stake by 649m, in part to account for the possibility of a sale.
克賴恩即將離任的聯席首席執行官尤爾根菲茨岑(Jürgen Fitschen)今年9月曾暗示，該行可能出售這筆股份。當時他表示，面對中國對外資持股比例的限制，德意志銀行將不得不想辦法盡可能高效率地配置其資本。在那之后，德意志銀行曾對這些股份減記6.49億歐元，這部分是為了計入出售股份的可能性。
Deutsche’s decision to offload its stake in Hua Xia follows a number of other western disposals in China. In January, the Spanish bank BBVA sold a ㄠ.5bn stake in China Citic Bank Corp.
在德意志銀行決定脫手其華夏銀行股份之前，多家其他西方銀行也已在中國出售各自的投資。今年1月，西班牙對外銀行(BBVA)曾出售其持有的15億歐元的中信銀行(China Citic Bank Corp)股份。
A series of US lenders have also departed, including Bank of America, and Goldman Sachs, which sold out of China Construction Bank and Industrial and Commercial Bank of China, respectively in 2013.
還有多家美國銀行也已撤離，其中包括美國銀行(Bank of America)和高盛銀行(Goldman Sachs)。兩者在2013年分別全部出售其持有的中國建設銀行(China Construction Bank)和中國工商銀行(ICBC)股份。
