[2009.06.24]TPG exits Shenzhen Development BankTPG离开深圳发展银行

[2009.06.24]TPG exits Shenzhen Development BankTPG离开深圳发展银行

TPG exits Shenzhen Development Bank
TPG离开深圳发展银行

Money from another time
从别的时代来的钱
Jun 18th 2009 | HONG KONG
From The Economist print edition

A foreign banking expedition in China reaches a premature but successful end
一个外国银行在中国的投资最后得到了一个早产的并且成功的结局。

BACK in 2004, when China was more convinced that the West had something to offer its financial system, TPG, an American private-equity firm, was permitted to bypass the country’s restrictive regulations and buy a controlling 17% stake in a publicly traded basket case called Shenzhen Development Bank (SDB). The news, on June 12th, that TPG is to sell its stake to Ping An, a large Chinese insurer, draws another line under that era.

回到2004年，当中国更有信心西方会给与自己的金融系统带来些什么时，TPG,一家美国的私人控股公司被允许绕开中国的限制性法规，在二级市场买入17%的深圳发展银行（SDB）的流通股股份。而在今年的6月12日，TPG 要将自己的股份卖给中国的大保险公司――平安的新闻在那个时代下方画了另外一条线。

SDB was the first bank to list on Shenzhen’s stock exchange, and in the craze that followed the shareholder list swelled to more than 600,000 individuals. But by the time of TPG’s purchase, it was in a sorry state. Disclosed non-performing loans accounted for 14% of loans; the actual amount was undoubtedly much higher.

深圳发展银行是第一家在深交所上市的银行，并且成为当时购买的热潮，股东人数超越了60万人。但在TPG买入的时候深圳发展银行正处在低迷期。不良贷款总额达到了贷款总额的14%；毫无疑问，实际的不良贷款金额将会更多。

SDB did, however, have several assets that in the Chinese context were almost priceless: a national banking licence and more than 260 branches covering almost all of the country. The potential for a banking collapse was enough for the Chinese authorities to waive rules barring foreign control, foreign management and foreign purchases of domestic shares. The potential in China’s embryonic banking market was enough for TPG to take a chance.

但在中国的现有政策下，深圳发展银行还一些无价的资产：一张国家银行证和超过260家遍布在国家各地的支行。 这个银行倒闭的潜在的风险足以让中国政府放弃他们的限制外国控制，外国管理和外资买入国内资产的相关规定。对于中国刚刚开始的银行系统，这种风险足以给TPG一个机会。

In the aftermath of the acquisition performance improved, as did SDB’s share price. But there were limits on further progress. Writing off bad loans, building systems and extending more credit requires capital, but SDB’s various efforts to raise funds could not get past China’s regulators. This is unlikely to be a problem for Ping An, which is well-treated at home but found itself lost abroad after a calamitous recent investment in Fortis, a now-dismantled European bank. In theory Ping An has the resources to address SDB’s capital needs, and could pair its domestic insurance franchise with SDB’s national banking reach.

由于深圳银行的股票价格的提高，TPG的行动得到了较好的结果。但是未来发展受到了限制。减少不良资产，完善体系，扩展信贷资本，而深圳发展银行的各种增加资金的努力都是在中国相关机构的监督下完成的。这些问题看起来不像会困扰平安。平安在国内成长得很好，但是在国外遭遇了损失。由于他们关于一家欧洲的破产的银行Fortis的不明智的投资。从理论上说，平安有足够的能力去满足深圳发展银行的资金需求，并且可以将自己的国家保险资格和深圳发展银行的国家银行资格联合利用。
For TPG, being seen to have rehabilitated a bank and successfully passed it on could open doors for future deals that China’s increasingly xenophobic regulators would be otherwise unlikely to approve. After a disastrous investment in Washington Mutual, a failed American bank, TPG was also doubtless under pressure to show some gains for investors. Although the terms are complex and not fully public, TPG put less than $300m into SDB (perhaps much less) and will take out more than $1.6 billion (perhaps much more).

对于TPG,恢复了一个银行并且成功地交接。 这一举动打开了未来与中国的日益恐怖外国的管理者合作的大门，虽然他们不愿意承认。在TPG灾难性的投资于华盛顿基金及一个失败的美国银行后，毫无疑问，面临重重压力给的他，需要给投资者展示一些他的收获。尽管这个过程很复杂而且没有被完全公开，TPG在深圳发展银行上投入少于3000万美元（可能稍微少一点），而且将会获得超过16亿美元（可能比这个数字还要多）。

The size of TPG’s returns has prompted reports that the deal may be blocked by officials. No private-equity firm likes having its exit strategy undermined but this would be no disaster. Barring another round of banking failures, no foreign firm will be granted a similar franchise in China for years to come. Even with strings attached, TPG would be hard-pressed to find a more interesting place for its money.

TPG投资回报的规模引起了可能会被官方人员阻止的报道。在未来几年内，没有一家私人控股公司将会在中国获得类似的特权，除非另外一轮的银行危机。即使被重重限制，TPG将在巨大压力下为他的资金寻找一个更加爱有趣的地方。