Bocom Chases Global I-Bank Business With Big Bucks 交通银行打算花大价钱吸引投行人才

By newsdoug on May 30, 2011

Bank of Communications (HKEx: 3328; Shanghai: 601328), China’s largest lender outside its top four massive state-owned giants, is saying it’s serious about investment banking, and is willing to fork out the big bucks needed to attract top talent to compete with the big boys outside China. (English article) At first glance this really doesn’t look like a very major deal, as much bigger banks like ICBC (HKEx: 1398; Shanghai: 601398) have stated similar intentions and have much greater resources to chase their I-banking dreams. But what’s interesting here is that Bocom is much more market-focused than the big 4 national state banks, which take their cues from Beijing, and thus is in prime position to craft its plans based on market conditions rather than Beijing-inspired dreams of becoming an instant global player. By focusing its investment banking dollars on Hong Kong, where a big chunk of the I-bank business comes from Chinese companies, Bocom is choosing an area where it can combine its own China-based connections with those of internationally-connected locally-based I-bankers to create what could become a formidable challenge to the big multinational players. Of course, only time will tell if Bocom can execute on this plan. But given its market-orientation, China connections and willingness to spend big for talent in Hong Kong, this looks like a plan with a good chance of success and one that could eventually propel Bocom to other international markets.

Bottom line: Bocom’s global investment banking expansion looks smart, combining its China connections with willingness to do what it takes to attract top globally-connected talent in Hong Kong.

作为中国除四大国有银行之外的最大银行，交通银行<601328.SS> <3328.HK>称其正在认真考虑投行业务，并愿意花大价钱吸引顶尖投行人才，与海外大型投行竞争。乍看起来这可能不是什麽大新闻，因为规模大得多的银行——如工商银行<601398.SS> <1398.HK>——也曾表达过类似意向，且拥有更多的资源来实现投行梦。但值得注意的是，与四大国有银行相比，交通银行的市场化程度要高得多，因而更能根据市场状况而非政府意愿来制定策略。在交行投行业务的主战场香港，交行可以将其国内关系网与香港本地那些拥有国际背景的投行家的关系网整合起来，从而有可能给大型跨国投行带来巨大挑战。当然，只有时间能证明，交行能否落实好这个计划。但考虑到交行的市场化程度，其国内关系网，以及愿意花大价钱在香港招揽人才，交行确实有可能如愿以偿，从而最终推动它进军海外市场。

一句话：交通银行的全球投行业务扩张计划看起来相当明智，因它既有国内关系网优势，又愿意花大价钱在香港招贤纳士。