Interestingly, as the commercial bank with the highest income from channel business in China, ICBC's investment banking business has taken a different approach and embarked on a unique road relying on a huge asset pool and focusing on corporate wealth management business. A former ICBC investment banker vividly compared this model to "bread and steak". "Traditional business is like bread in western food. It has no taste, but it must be eaten and not easy to make. The characteristic corporate wealth management business is steak, which is the most important. "
Take 20 10 as an example. In that year, ICBC realized investment banking income of 65.438+05.5 billion yuan, up 23.7% year-on-year, of which corporate wealth management income was 6.886 billion yuan, up 55% year-on-year. "This is mainly due to the rapid growth of product promotion fees, investment management fees and sales fees after the increase in sales of corporate wealth management products."
However, ICBC's corporate wealth management business is not operated independently by the investment banking department. Behind the corporate wealth management project is ICBC's huge asset pool of entrusted wealth management funds of nearly 1.3 trillion. This asset pool, which covers many markets and has a wide variety of assets, has become the support for ICBC's investment banking department to actively carry out marketing due to its excellent investment performance in recent years.
However, some bank investment bankers pointed out that the key to the success of this "asset pool" model lies in the size of the asset pool. "This also determines that only a few banks can do this model well. For example, if a joint-stock bank wants to learn from ICBC's "asset pool" investment bank, it should actually consider it more. "
In contrast, the investment banking business models of Minsheng Bank and China Construction Bank may be closer to what people think of as the investment banking business of Wall Street. Among them, the "listing through train" launched by the investment banking department of Minsheng Bank, the industrial integration fund raised by the investment banking department of China Construction Bank and eight major industrial funds can all be regarded as typical representatives of investment banking business under this model.
The "listing through train" is to provide a package of solutions for the comprehensive financial service needs of enterprises from gestation to successful listing, and even for a period of time after listing, so that enterprises can meet the listing conditions as soon as possible and successfully land in the capital market. Zhang Lizhou said, "In this process, investment banking services actually provide a series of comprehensive financial services including strategic planning, debt financing, equity financing, mixed financing of stocks and bonds, asset restructuring, debt optimization, merger and acquisition integration, various consultants, and even the integration of intermediary services such as brokers and law firms."
Minsheng Bank's service model of combining innovative investment banking services with traditional financial services tools is more complicated than the simple IPO consulting services of many domestic banks' investment banking departments, and the compound returns thus obtained far exceed the income from simple consulting services. "Minsheng Bank can obtain diversified returns such as interest income, underwriting income, consulting income and shareholder wealth management income." According to the analysis of the investment banking department of Industrial Bank, "this kind of joint income is very impressive."
Since 2009, CCB has taken more radical measures in investment banking. In addition to FITS, which is similar to Minsheng Bank's listing through train, the industrial fund project actively promoted by CCB's investment banking department has become the first case of equity investment of domestic banks' investment banking.
However, the above-mentioned people in the investment banking department of Industrial Bank also said that the new investment banking business model represented by people's livelihood and construction behavior requires higher professional ability of the investment banking business team, especially the ability of cross-market operation and risk control. "The performance of many domestic banks in this respect needs a longer test."
In fact, some potential concerns have surfaced this year. An investment banker of a state-owned bank hinted that the investment banking department of CCB "is experiencing some troubles, and the income of several new businesses may be far less than originally expected".