Chinese commercial banks

Chinese commercial banks should establish environmental reporting, assessment, management, and risk evaluation systems to promote sustainable development in China, according to a new report today from WWF and the People's Bank of China (PBoC), the country's financial and monetary regulatory agency.

Towards Sustainable Development: Reform and (the) Future of China's Banking Industry from WWF and the central bank's Financial Research Institute is the first high-level report on sustainable development in China's banking sector.

The report stresses the growing importance of commercial banks in China's effort to realise its national sustainable development strategy and provides specific recommendations on environmental policy changes.

It draws lessons from international standards in the finance industry such as Equator Principles (EPs), as well as the experience of international banks including Citi, Deutsch Bank and HSBC. Although there are a few national pioneers and many Chinese commercial banks have established their own environmental policies, the report concludes that most have failed to take concrete action.

While the banking industry is beginning to pay attention to sustainable development, the report calls on governments, non-government organisations, and the finance sector to drive commercial banks' commitment into action.

Over the past few years, PBoC has been driving sustainable banking through its monetary, interest rate and credit policies.

In 2007, the central bank consolidated an environmental database of Chinese companies, requiring commercial banks to review and weigh each applicant's environmental history before granting their credit applications.

In the same year, PBoC along with the Ministry of Environmental Protection (MEP) and the China Banking and Regulatory Commission (CBRC) established a green credit system. This regulated the availability of credit to companies in violation of environmental laws.

'People's Bank of China is moving along the track set by international experience, while taking into account China's own development strategies,' said WWF-China's Country Representative Dermot O'Gorman.

'WWF will continue to learn from, and provide our expertise to, China's central bank to promote sustainable development and green banking policies in China.'

LARGE COMMERCIAL BANKS

LARGE COMMERCIAL BANKS WILL likely pose a growing threat to big investment banks, although the latter can survive with strong management and close attention to asset quality, Standard & Poor's says.

The credit rating agency appeared to hew closer to the position of Philip Purcell, chief executive of Morgan Stanley, in his public spat last week with Bank of America Corp CEO Kenneth Lewis over whether commercial banks such as Bank of America have the better business model.

Commercial banks are thought to benefit from deeper capital resources, which let them extend low-cost loans or credit lines to help win more lucrative stock and bond business.

As commercial banks become "a greater threat ... we continue to believe that asset quality is going to be the primary driver of banks' health," said Barry Hancock, an S&P managing director, at S&P's global banking conference.

"Tough market conditions increase the importance of good management."

US commercial banks such as No 1 Citigroup Inc, No 2 J.P. Morgan Chase & Co and No 3 Bank of America have used lending to boost market share at the expense of Morgan Stanley, Goldman Sachs & Co, Merrill Lynch & Co and others.

Among 14 large global banks tracked by Thomson Financial, Morgan Stanley, Goldman Sachs and Merrill Lynch lost the most bond and equity underwriting market share between 1998 and 2002--a respective 2.57, 3.75 and 4.58 percentage points.

WILL likely pose a growing threat to big investment banks, although the latter can survive with strong management and close attention to asset quality, Standard & Poor's says.

The credit rating agency appeared to hew closer to the position of Philip Purcell, chief executive of Morgan Stanley, in his public spat last week with Bank of America Corp CEO Kenneth Lewis over whether commercial banks such as Bank of America have the better business model.

Commercial banks are thought to benefit from deeper capital resources, which let them extend low-cost loans or credit lines to help win more lucrative stock and bond business.

As commercial banks become "a greater threat ... we continue to believe that asset quality is going to be the primary driver of banks' health," said Barry Hancock, an S&P managing director, at S&P's global banking conference.

"Tough market conditions increase the importance of good management."

US commercial banks such as No 1 Citigroup Inc, No 2 J.P. Morgan Chase & Co and No 3 Bank of America have used lending to boost market share at the expense of Morgan Stanley, Goldman Sachs & Co, Merrill Lynch & Co and others.

Among 14 large global banks tracked by Thomson Financial, Morgan Stanley, Goldman Sachs and Merrill Lynch lost the most bond and equity underwriting market share between 1998 and 2002--a respective 2.57, 3.75 and 4.58 percentage points.

WILL likely pose a growing threat to big investment banks, although the latter can survive with strong management and close attention to asset quality, Standard & Poor's says.

The credit rating agency appeared to hew closer to the position of Philip Purcell, chief executive of Morgan Stanley, in his public spat last week with Bank of America Corp CEO Kenneth Lewis over whether commercial banks such as Bank of America have the better business model.

Commercial banks are thought to benefit from deeper capital resources, which let them extend low-cost loans or credit lines to help win more lucrative stock and bond business.

As commercial banks become "a greater threat ... we continue to believe that asset quality is going to be the primary driver of banks' health," said Barry Hancock, an S&P managing director, at S&P's global banking conference.

"Tough market conditions increase the importance of good management."

US commercial banks such as No 1 Citigroup Inc, No 2 J.P. Morgan Chase & Co and No 3 Bank of America have used lending to boost market share at the expense of Morgan Stanley, Goldman Sachs & Co, Merrill Lynch & Co and others.

Among 14 large global banks tracked by Thomson Financial, Morgan Stanley, Goldman Sachs and Merrill Lynch lost the most bond and equity underwriting market share between 1998 and 2002--a respective 2.57, 3.75 and 4.58 percentage points.

Tax-saving products

At the times when tax returns are of prime importance for every tax payer, commercial banks are planning to promote their tax saving products such as fixed deposits and equity-linked saving schemes (ELSS).

mainly consisted of instruments belonging to the insurance sector but now banks are coming forward to compete with the sector and therefore planning to aggressively market their products.

A senior official with the State Bank of India said, "Earlier, we were not very aggressive in marketing our tax-saving products as major investment tools. But now we have to devise new strategies as insurance companies have modified their marketing techniques."

Now days, the insurance companies are increasing promoting their products as investment options rather than risk cover tools. So to counter these firms, banks have decided to increase their reach in the segment and provide wider options to the consumers.

Presently, banks tax-saving products are not very popular amongst the investors. Tax saving fixed deposit constitute only 1% to 3% of the total fixed deposits of the banks and ELSS have not yet gained importance in the list of tax saving products.

Besides SBI there are three more public sector banks that are planning to market their tax saving products as better investment avenues. The new marketing strategies will attract the investors' attention towards the difference between their tax-savings products and instruments offered by the insurance firms. They will highlight on the factors like returns on FDs and ELSS are not based on the investor's age unlike the life insurance products. Normally the life insurance companies charge higher premium from the people who are above a certain age.

"We would like to bring this and many other factors to the prospective investor's notice while marketing our product," said an official from a public sector bank. Moreover an official at another PSU bank informed that his bank is appointing special staff for guiding the prospective investors and promoting its various tax-saving products.

MetLife Managing Director, Rajesh Relan said, "Traditionally, life insurance has been viewed as an instrument for both stable returns and risk cover. The recent market volatility has brought the stable ‘investment' aspect of insurance to fore once again."

At present all major life insurance companies such as Life Insurance Corporation, ICICI Prudential, Max New York Life and MetLife are placing their products as excellent investment options rather than just an insurance scheme. Some of them are offering an annual return of as high as 10% on their schemes.

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