The “king of retail”, who has just celebrated his 35th birthday, unexpectedly ushered in a huge personnel earthquake!
on April 18, 4, Chinese reporters from securities companies verified and learned that China Merchants Bank Co.Ltd(600036) that afternoon, the bank’s cadre meeting was held, announcing that Tian Huiyu, Secretary of the Party committee and President of the bank, had another appointment. Before the new president was determined, Wang Liang, executive vice president, temporarily presided over the work of the bank
It is understood that Tian Huiyu will serve as deputy director (Executive) of the Executive Committee of China Merchants financial business group / platform and vice chairman of China Merchants financial group (Assistant to the general manager of the group).
on the same day, CMB announced that the board of directors agreed to remove Tian Huiyu from the post of president and director and appoint another one, agreed that Wang Liang would preside over the work of CMB, and expressed heartfelt thanks to Tian Huiyu for his contributions during his tenure. The announcement also showed that Tian Huiyu did not attend the meeting for personal reasons
It is worth noting that there are rumors in the market before the personnel change. Affected by this, China Merchants Bank‘s A-Shares fell sharply at the opening of the day, falling 8.65% and closing at 7.35%, the largest one-day decline in nearly seven years China Merchants Bank Co.Ltd(600036) a shares’ closing turnover exceeded 10 billion yuan, a new high since July 2015.
Tian Huiyu has worked in China Merchants Bank for nearly nine years
Tian Huiyu, 56, successively served as vice president of China Cinda Asset Management Corporation Trust and investment company, Bank Of Shanghai Co.Ltd(601229) vice president, vice president of Shanghai Branch of China Construction Bank in his early years.
In 2007, Tian Huiyu served as the president of Shenzhen Branch of China Construction Bank. In 2011, he was changed to the retail business director of the head office of China Construction Bank and the president of Beijing Branch. In May 2013, Tian Huiyu, 47, served as the party secretary of China Merchants Bank and then the president of China Merchants Bank. He has worked in the bank for nearly nine years.
in the corporate governance structure of China Merchants Bank, the president responsibility system under the leadership of the board of directors has been adhered to for a long time. The board of directors fully trusts the management and authorizes the daily operation and management of the bank
As the third president of China Merchants Bank, Tian Huiyu led and promoted the “secondary transformation” of China Merchants Bank after taking office. At the working meeting at the beginning of 2014, Tian Huiyu put forward the strategic transformation goal of “accelerating the secondary transformation and building a ‘light bank”.
in three years, China Merchants Bank has put the traditional advantage retail business back to the strategic core position on the basis of further highlighting the strategic positioning of “one body and two wings” of retail finance. During this period, the bank’s retail business revenue and profit contribution accounted for half of the country for the first time, becoming a real retail bank
In 2017, the transformation of “light bank” of China Merchants Bank entered the second half, and officially put forward the goal of building a “financial technology bank” with financial technology as the nuclear power; With customer experience as the core goal, strive to create the best customer experience bank.
In the speech of the 2017 annual report, Tian Huiyu said: “we look to the future and strive to achieve the magnitude growth of the number of monthly active users of China Merchants Bank Co.Ltd(600036) , handheld life apps in the next three years, and take this as the key breakthrough for the bank to improve the customer experience in the next three years, realize the third key leap, and migrate the service advantages of China Merchants Bank Co.Ltd(600036) from offline to online.”
According to the data, by the end of 2020, the number of monthly active users (MAU) of the bank’s two major apps had reached 107 million.
In 2021, Tian Huiyu put forward a familiar but unfamiliar concept – big wealth management value cycle chain, which will be the main line of the bank’s work in the next five years. At the same time, match the adjustment of retail organizational structure and integrate wealth management business and mobile app platform into the “wealth platform Department”.
According to the annual report, the bank’s big wealth management business model started smoothly, and the annual big wealth management revenue (including wealth management, asset management, custody service fees and commission revenue) increased by 33.9% year-on-year to 52.13 billion yuan, accounting for nearly 16% of the revenue. “Become a key minority for us to explore new business models.” Tian Huiyu said in his speech in the annual report.
China Merchants Bank A shares hit the biggest one-day decline in recent seven years
On the day of personnel adjustment, the share price of China Merchants Bank was severely hit.
As an outstanding student in the banking industry, the “king of retail”, who has just celebrated his 35th birthday, once fell 8.65% in the intraday without significant fluctuations in fundamentals, causing market attention.
As of the closing of the day, the share price of China Merchants Bank fell to 43.39 yuan / share, a cumulative decline of 7.35%, the largest one-day decline in nearly seven years, and the total market value also fell to 1.12 trillion yuan. According to the data, the transaction volume of China Merchants Bank’s A-Shares in the late trading exceeded 10 billion, a new high since July 2015.
In view of the unexpected decline, the market continued to talk. However, China Merchants Bank did not respond publicly. In response to media inquiries in the morning, the bank’s Investor Relations Department said that it had been concerned about the sharp decline in share prices and the relevant reasons were being verified.
According to the arrangement, China Merchants Bank will disclose the operating results of the first quarter of 2022 on April 22. Wang Liang, executive vice president of China Merchants Bank, once said at the annual performance conference that according to the performance growth in the first quarter and the situation since the beginning of the year, it should be said that the operation of the whole banking industry (including China Merchants Bank) this year is facing great downward pressure on the economy, the growth of the banking industry is facing difficulties and risks are facing great challenges.
Prior to this, China Merchants Bank disclosed that the performance of 2021 showed that last year, the operating revenue of the bank increased by 14% year-on-year, the revenue growth reached a six-year high, ranking first among joint-stock banks, and the annual net profit exceeded 120 billion yuan, a year-on-year increase of 23.3%.
among them, benefiting from the good start of big wealth management, the contribution of the bank’s non interest income to the bank’s revenue rose to 38.4%. More importantly, in the absence of external equity financing, the core tier 1 capital adequacy ratio of China Merchants Bank has maintained an upward trend for three consecutive years to 12.66%, and the appearance of “light bank” has gradually become clear
In addition, the cost income ratio of the bank has shown an “inflection point” for the first time since 2016, with a year-on-year decrease of 0.18 percentage points. The input-output efficiency has improved in a reverse manner, and the net interest margin has also increased month on month for two consecutive quarters.
Meanwhile, northbound capital has increased its net holdings of A-Shares of China Merchants Bank for five consecutive quarters. Last year, the net holdings of about 444 million shares increased from 4.26% at the beginning of the year to 6.02%.
According to the annual profit distribution plan disclosed by China Merchants Bank, the bank plans to distribute a cash dividend of 1.522 yuan per share (including tax), with a total cash dividend of nearly 38.6 billion yuan. The annual cash dividend ratio is 33%, which is the same as that of the previous year.
