華僑銀行籌資擴張中國內地業務

OCBC plans to raise S$3.3bn ($2.7bn) in fresh equity to help fund its push into China, Singapore’s second-largest bank by assets announced yesterday, undershooting the amount that it had been expected to raise.

華僑銀行(OCBC)昨日宣佈，計劃通過配發新股籌集33億新加坡元（合27億美元），爲其在中國內地的擴張提供資金。這一籌資金額低於人們此前的預期。以資產計，華僑銀行爲新加坡第二大銀行。

The rights issue, which is being offered at a 25 per cent discount to Friday’s closing price, will help pay for the bank’s $5bn purchase of Wing Hang, a Hong-Kong-based bank with a presence in southern China.

華僑銀行在上週五收盤價的基礎上，折價25%配發新股，所籌集資金將用於充實資本。該行剛以50億美元收購在中國南方地區開展經營活動的香港永亨銀行(Wing Hang)。

OCBC intends to use the deal to boost its existing presence in the mainland and establish a platform for better capturing the growing trade flows between China and its southeast Asia home.

華僑銀行計劃通過收購永亨銀行擴展自身在中國內地的業務，同時搭建起一個平臺，以更好地利用中國和自身大本營東南亞之間不斷增長的貿易往來。

The deal is Singapore’s second-largest rights issue, according to Dealogic. Analysts had speculated that OCBC, traditionally a bank with one of the strongest capital bases, might tap investors for more to further boost its cushion.

Dealogic數據顯示，這筆發行交易是新加坡第二大規模的一次配股。分析師此前曾預計，一向資本金充足的華僑銀行可能會從投資者那裏籌集更高金額的資金，以進一步提升資本充足率。

Samuel Tsien, the bank’s chief executive, told the Financial Times that the amount being raised was “always in the ballpark”.

華僑銀行行政總裁錢乃驥(Samuel Tsien)向英國《金融時報》表示，籌資的金額“大致合適”。

The bank has already pulled in cash through two US$1bn sales of subordinated debt this year. At the end of last year, it also offered a scrip dividend which freed up S$486m.

華僑銀行今年已經發行了兩筆次級債，每次籌資10億美元。去年末，該行還通過以股代息籌得了4.86億新加坡元。

“We then looked at the shortfall and on an absolute dollar basis, it was only S$3bn or so. This was always the proportion we had in mind,” said Mr Tsien.

錢乃驥說：“我們接着估算了資金缺口大小，以絕對值計算，缺口也就是30億新加坡元左右。這與我們一直以來的預期相符。”

After the acquisition and the rights issue, OCBC will have a common equity tier one ratio of 13.2 per cent under current regulatory standards, still higher than many peers. But the full Basel III reforms, which come into force in 2019, will strip out items such as the goodwill paid for Wing Hang from the core measure of capital strength.

收購和配股完成後，華僑銀行的一級普通股本資本充足率按照現行監管標準將爲13.2%，仍高於其他許多銀行。但按照將於2019年生效的巴塞爾III規則，華僑銀行爲永亨支付的商譽等項目將不得計入核心資本。

On a so-called “fully loaded” Basel III basis, OCBC’s ratio drops to 9.9 per cent, according to Kevin Kwek, senior analyst at Bernstein Research in Singapore. That is close to the minimum 9 per cent required in Singapore and leaves it far short of competitor DBS’s 12.2 per cent.

新加坡伯恩斯坦研究公司(Bernstein Research)的高級分析師Kevin Kwek表示，按照所謂的“完全版”巴塞爾III規則，華僑銀行的一級資本充足率將降至9.9%。這接近新加坡規定的最低標準9%，遠低於星展銀行(DBS)的12.2%。

Mr Tsien said the bank would move over time to improve the ratio by reducing its risk-weighted assets – the denominator against which capital is measured – and selling non-core assets.

錢乃驥表示，華僑銀行將通過減少風險加權資產（資本充足率計算公式中的分母）、出售非核心資產來逐步提高資本充足率。

“Over the next few years we will also have continued profits from our normal operations and increased profit from Wing Hang Bank as well,” he added. “Our retained earnings will also build up, which will shore up our capital base.”

“未來幾年中我們還將繼續通過我們的正常業務盈利，並通過永亨銀行獲得更多利潤。”他補充說，“我們的留存收益也將增加，從而會擴充我們的資本金基礎。”

OCBC’s shares closed unchanged from Friday at S$10.20.

華僑銀行的股票週一收盤與上週五持平，爲每股10.2新加坡元。

Bank of America, HSBC and JPMorgan will manage the offer. The new shares are due to begin trading by the end of September.

負責此次配股的投行爲美國銀行(Bank of America)、匯豐(HSBC)和摩根大通(JPMorgan)。新股預計將從9月底開始交易。