PetroChina's "financial empire" is taking shape.
backed by a huge amount of oil assets, PetroChina's full license financial empire is taking shape; At the same time of strong expansion, it also poses a challenge to financial regulation.
National Financial Weekly reported that the financial empire that PetroChina group has worked hard to build is taking shape
"the preparatory work of Kunlun financial leasing company under PetroChina is ready." At the end of May, the internal senior management of CNPC revealed to Caijing national weekly that the application for the establishment of one of the two key documents for the establishment of Kunlun financial leasing company (hereinafter referred to as Kunlun leasing) has been approved
at present, Kunlun leasing is waiting for the approval of the CBRC to allow the opening. Once approved, PetroChina's financial business license will be basically complete
"this is the first financial leasing company controlled by an industrial enterprise. The superior department supports the pilot and gives a lot of preferential policies." A relevant person in charge of the asset Department of CNPC told the national weekly of Finance and economics that preparations for the establishment of a financial leasing company had begun as early as 2009
so far, PetroChina's financial business qualifications have covered banking, insurance, trust, financial leasing and other sectors. Together with the existing PetroChina Finance Co., Ltd. and PetroChina Asset Management Co., Ltd., a vast financial empire has begun to take shape
in recent years, supported by more than 2trillion oil assets, PetroChina's impulse to build a financial empire is difficult to suppress. PetroChina insiders said that through the extensive layout of the financial industry, we can use financial instruments and capital markets to serve the real industry, so as to achieve "the combination of industry and finance" and "walking on two legs"
this will also bring new regulatory challenges and industry risks. "How to avoid the problems of related party transactions? How to effectively supervise such a wide range of business forms?" Yuhuabin, President of metallurgical finance division of China Minsheng Bank, questioned this
financial empire looms
the financial leasing that PetroChina group is committed to building is a financial business supported by funds in the form of financial leasing, which has the dual functions of financing and financing
Kunlun leasing, which is about to get a license, is a joint venture between CNPC and Chongqing electromechanical holding (Group) Company (hereinafter referred to as "Chongqing electromechanical"). The registered capital is 6billion yuan, of which PetroChina contributed 5.4 billion yuan, accounting for 90% of the shares; Chongqing electromechanical invested 600million yuan, accounting for 10% of the total share capital
according to the news released by Chongqing Electromechanical, Kunlun leasing will be mainly engaged in equipment leasing, and its service objects include small and medium-sized enterprises, large equipment manufacturing enterprises, and business departments such as gas stations and oil fields of PetroChina. A person from the party and Mass Work Department of Chongqing electromechanical told the national weekly of Finance and economics that Kunlun leasing is expected to be approved to start business in the near future, "at the latest before the end of the year."
according to relevant regulations, financial leasing companies need to apply to the CBRC for business opening after the completion of preparation
the aforementioned PetroChina executives said that they were currently waiting for this approval. Since it is impossible to control whether or not and when the CBRC approves, the official business hours of Kunlun leasing cannot be determined
if Kunlun leasing is approved to open as scheduled, the financial sector of CNPC group will include financial companies, asset management companies, life insurance companies, property insurance companies, securities companies, insurance brokerage companies, commercial banks, trusts, financial leasing and other business forms, and the scale of its camp is spectacular
an industry expert pointed out that PetroChina's footprint in financial business can be divided into three stages. The first stage began in 1995, when PetroChina established a finance company. The shareholders of the finance company are mainly composed of subordinate enterprises of CNPC. PetroChina Finance Co., Ltd. is called "internal bank" and mainly serves member units. During this period, the financial company was established due to the development needs of the enterprise itself, which was an internal enterpriseAfter 2002, PetroChina and Italian Zhongli insurance company jointly established Sino Italian life insurance company and Sino Italian Property Insurance Co., Ltd
after 2007, PetroChina began to accelerate the pace of financial business layout. In November of that year, PetroChina reached a restructuring agreement with Zhuhai commercial bank, but it failed after several twists and turns. In March, 2009, PetroChina holdings Karamay City Commercial Bank, obtained a banking license; In July, PetroChina made another move to acquire Ningbo Jingang trust. In this round of financial layout, CNPC group takes enclosure layout and obtaining licenses as its main purpose
"when Kunlun leasing is listed for business, the expected financial business layout is basically completed, and banks, securities, insurance, trust and financial leasing can be done." The above PetroChina insiders commented that many central enterprises are involved in financial business, but PetroChina has the broadest business field and the most complete qualification licenses
"integration of industry and finance" impulse
Feng Yuewei, a researcher at the China Petroleum Fund forum, told the national financial weekly that PetroChina's practice actually represents a trend of combining industrial capital and financial capital in recent years
"the current global economy is actually dominated by international financial capital that will bring inconvenience to visitors' travel, and oil and gas resources themselves also have certain financial attributes. PetroChina needs to have its own capital operation platform to achieve effective docking with international financial capital in order to move towards internationalization." Feng Yuewei said
in the view of the "mother's family" SASAC, PetroChina's practice has also been recognized as a plastic product that will cultivate international competitiveness for 50 years. It must have its unique place to try that it can still be popular now. On May 12 last year, Li Wei, deputy director of the state owned assets supervision and Administration Commission of the State Council, made a special trip to the headquarters of PetroChina to conduct research on the integration of industry and finance, and clearly pointed out that "the integration of industry and finance is the direction of the development of multinational enterprises"
when CNPC restructured Zhuhai commercial bank in 2007, it was stranded because SASAC finally refused to approve. In recent years, the change in the attitude of SASAC has given the "green light" to the financial layout of CNPC, which is difficult to curb, which has led to the aggressive expansion in the past two years
according to the development strategic plan determined by PetroChina, the purpose of getting involved in financial business is different from social capital. An executive of the financial assets Department of PetroChina said in an interview with the national weekly of Finance and economics that the company held a financial business Symposium in Sanya at the end of last year, which clearly accelerated the layout of the financial industry, but especially emphasized the need to adhere to the core business of oil and gas, and the positioning of financial business as the main business of serving oil and gas
at present, the financial business framework of PetroChina has been set up. The above-mentioned senior executives of PetroChina group said frankly: "serving the group itself, the business scale can not meet the requirements, and the group's financial business has to mainly rely on domestic and foreign financial institutions. The most urgent thing for the financial business sector is to become bigger and stronger."
the idea of "becoming bigger and stronger" also basically relies on PetroChina and its subordinate enterprises. For example, Kunlun bank plans to enter Daqing, Changqing and other places where oil enterprises are most concentrated to develop business. The capital flows of PetroChina and its subordinate enterprises may be transferred to the bank in large quantities, and the employee salary card may also become a "Kunlun card"
facing the strong entry of PetroChina, the financial industry has raised concerns
"PetroChina itself is a high-quality customer resource, and major banks are scrambling for it. If PetroChina makes its own bank, other banks will lose this part of customer resources." Yuhuabin, President of the metallurgical finance division of China Minsheng Bank, told the national weekly of Finance and economics. Monopoly enterprises have inherent advantages in doing financial business. The scale of the financial industry itself is large. It is because of its equipment that it can operate. The entry of PetroChina is bound to transfer part of its profits
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