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OCBC plans to raise S$3.3bn ($2.7bn) in fresh equity to help fund its push into China, Singapore’s second-largest bank by assets announced yesterday, undershooting the amount that it had been expected to raise.
华侨银行(OCBC)昨日宣布，计划通过配发新股筹集33亿新加坡元（合27亿美元），为其在中国内地的扩张提供资金。这一筹资金额低于人们此前的预期。以资产计，华侨银行为新加坡第二大银行。
The rights issue, which is being offered at a 25 per cent discount to Friday’s closing price, will help pay for the bank’s $5bn purchase of Wing Hang, a Hong-Kong-based bank with a presence in southern China.
华侨银行在上周五收盘价的基础上，折价25%配发新股，所筹集资金将用于充实资本。该行刚以50亿美元收购在中国南方地区开展经营活动的香港永亨银行(Wing Hang)。
OCBC intends to use the deal to boost its existing presence in the mainland and establish a platform for better capturing the growing trade flows between China and its southeast Asia home.
华侨银行计划通过收购永亨银行扩展自身在中国内地的业务，同时搭建起一个平台，以更好地利用中国和自身大本营东南亚之间不断增长的贸易往来。
The deal is Singapore’s second-largest rights issue, according to Dealogic. Analysts had speculated that OCBC, traditionally a bank with one of the strongest capital bases, might tap investors for more to further boost its cushion.
Dealogic数据显示，这笔发行交易是新加坡第二大规模的一次配股。分析师此前曾预计，一向资本金充足的华侨银行可能会从投资者那里筹集更高金额的资金，以进一步提升资本充足率。
Samuel Tsien, the bank’s chief executive, told the Financial Times that the amount being raised was “always in the ballpark”.
华侨银行行政总裁钱乃骥(Samuel Tsien)向英国《金融时报》表示，筹资的金额“大致合适”。
The bank has already pulled in cash through two US$1bn sales of subordinated debt this year. At the end of last year, it also offered a scrip dividend which freed up S$486m.
华侨银行今年已经发行了两笔次级债，每次筹资10亿美元。去年末，该行还通过以股代息筹得了4.86亿新加坡元。
“We then looked at the shortfall and on an absolute dollar basis, it was only S$3bn or so. This was always the proportion we had in mind,” said Mr Tsien.
钱乃骥说：“我们接着估算了资金缺口大小，以绝对值计算，缺口也就是30亿新加坡元左右。这与我们一直以来的预期相符。”
After the acquisition and the rights issue, OCBC will have a common equity tier one ratio of 13.2 per cent under current regulatory standards, still higher than many peers. But the full Basel III reforms, which come into force in 2019, will strip out items such as the goodwill paid for Wing Hang from the core measure of capital strength.
收购和配股完成后，华侨银行的一级普通股本资本充足率按照现行监管标准将为13.2%，仍高于其他许多银行。但按照将于2019年生效的巴塞尔III规则，华侨银行为永亨支付的商誉等项目将不得计入核心资本。
On a so-called “fully loaded” Basel III basis, OCBC’s ratio drops to 9.9 per cent, according to Kevin Kwek, senior analyst at Bernstein Research in Singapore. That is close to the minimum 9 per cent required in Singapore and leaves it far short of competitor DBS’s 12.2 per cent.
新加坡伯恩斯坦研究公司(Bernstein Research)的高级分析师Kevin Kwek表示，按照所谓的“完全版”巴塞尔III规则，华侨银行的一级资本充足率将降至9.9%。这接近新加坡规定的最低标准9%，远低于星展银行(DBS)的12.2%。
Mr Tsien said the bank would move over time to improve the ratio by reducing its risk-weighted assets – the denominator against which capital is measured – and selling non-core assets.
钱乃骥表示，华侨银行将通过减少风险加权资产（资本充足率计算公式中的分母）、出售非核心资产来逐步提高资本充足率。
“Over the next few years we will also have continued profits from our normal operations and increased profit from Wing Hang Bank as well,” he added. “Our retained earnings will also build up, which will shore up our capital base.”
“未来几年中我们还将继续通过我们的正常业务盈利，并通过永亨银行获得更多利润。”他补充说，“我们的留存收益也将增加，从而会扩充我们的资本金基础。”
OCBC’s shares closed unchanged from Friday at S$10.20.
华侨银行的股票周一收盘与上周五持平，为每股10.2新加坡元。
Bank of America, HSBC and JPMorgan will manage the offer. The new shares are due to begin trading by the end of September.
负责此次配股的投行为美国银行(Bank of America)、汇丰(HSBC)和摩根大通(JPMorgan)。新股预计将从9月底开始交易。
