Chinese banks eye holding in StanChart

China's three leading banks have approached Temasek, the Singapore state investment agency, to discuss the possible acquisition of its 17 per cent stake in Standard Chartered, the UK-based emerging-markets lender.

People familiar with the matter said officials of Industrial and Commercial Bank of China, Bank of China and China Construction Bank had in recent months made “informal and discreet” contact with senior Temasek personnel about a possible deal. Temasek is understood to have rebuffed the advances because it considers its stake in StanChart to be of financial and strategic importance.

Nevertheless, the nature of the approaches highlights the new-found confidence of Chinese banking executives in looking beyond their domestic markets, a push encouraged by Beijing, which believes that such activity will assist mainland lenders to develop much-needed expertise in risk-management .

StanChart is attractive to the Chinese banks because of its profitable and expanding operations in Africa, the Middle East and Asia. Though the bank trades on one of the highest share price multiples of any western bank, it is seen as relatively cheap for the cash-rich mainland lenders.

Temasek is StanChart's largest shareholder after acquiring an 11.5 per cent stake from the family of the late Khoo Teck Puat in March 2006. It has subsequently increased its holding to more than 17 per cent.

According to banking and regulatory sources in China, a further obstacle to a possible investment in StanChart is a belief among the Chinese that the bank's leading executives would not welcome the transfer of the stake to another lender, as this could trigger speculation about its future independence.

StanChart has built one of the largest branch networks in China among foreign lenders and holds a 19.99 per cent stake in Bohai Bank, a small mainland lender. StanChart declined to comment on any approaches, but a spokesman said: “We believe we have a strong future as an independent bank.”

中国三大银行与新加坡政府投资机构淡马锡(Temasek)进行了接洽，以探讨收购其所持渣打银行(Standard Chartered) 17%股权事宜。渣打是一家总部位于英国的新兴市场银行。

知情人士称，近几个月来，中国工商银行(ICBC)、中国银行(BOC)和中国建设银行(CCB)的官员与淡马锡高层人士就可能的交易进行了“谨慎而非正式的”接触。据悉淡马锡对此予以回绝，因为该机构认为，其在渣打的持股在财务和战略上意义重大。

不过，上述接洽的性质突显出中国银行业管理人士在放眼海外市场方面新找到的信心，中国政府鼓励这种举措，认为这将有助于国内银行培养风险管理方面迫切需要的专业技能。

渣打银行之所以吸引中国的银行，是因为其非洲、中东及亚洲业务有利可图，并且在不断扩张。尽管在所有西方银行中，渣打是市盈率最高的银行之一，但现金充沛的中国内地银行仍认为它相对较为便宜。

2006年3月从已故大亨邱德拔(Khoo Teck Puat)家族手中收购渣打银行11.5%的股份后，淡马锡成为渣打最大的股东。此后该机构将其持股增至17%以上。

中国银行业及监管方面的消息来源表示，在渣打的潜在投资可能面临的另一个障碍在于，中方人士相信，渣打的主要高管不会对其股权的变更表示欢迎，因为这可能引发关于其未来独立性的猜测。

渣打银行在中国内地建立了外资银行中最大的分行网络之一，同时持有中国小型银行渤海银行(Bohai Bank) 19.99%的股权。渣打银行拒绝就任何接洽发表置评，但一位发言人表示：“我们相信，作为一家独立的银行，我们将拥有强劲的未来。”

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