Ping An Bank (000001): The Group Promotes Personnel Adjustment, Doing Better with the Public

Ping An Bank (000001): The Group Promotes Personnel Adjustment, “Doing Better with the Public”

Event: On June 3, Ping An Bank announced that Yao Guiping resigned from the posts of Director, Deputy Governor and other positions of Ping An Bank.

According to 21st Century Business Herald, Ping An of China announced internally that Yao Guiping was appointed secretary of the Party Committee of Ping An Trust; Zhang Xiaolu, currently deputy director and secretary general of the Ping An Group, will serve as special assistant to the president of Ping An Bank to assist Hu Yuefei in charge of corporate affairsTo promote the implementation of the strategy of “Boutique Corporate Banking”.

Opinion: Basically digest the bad burdens during the tenure, and promote the linkage of the private trust business of the bank trust. Yao Guiping has basically digested the bad 都市夜网 historical burdens during the tenure.

Since joining Ping An Bank in 2007, Yao Guiping has served as the head of corporate business and the deputy director of the retail line of the head office.

As an expert in special asset disposal, he has extensive experience in corporate business, risk management and asset business. He has contributed to the recovery of assets and contributed to the development of corporate business.

During the period, the inventory of bad debts was cleared to the degree of joints, which effectively reduced the pressure on the high-income industries with bad debts and allowed the business to be lightly loaded.

Promote deeper cooperation in the wealth management business of bank trusts.

Ping An Bank Chairman Xie Yonglin said that as of October 11, 18, Ping An Trust’s direct sales team transferred to the bank about 1,200 people, of which the field exchange rate was about 90%.

Yao Guiping went to Ping An Trust and also engaged in closer cooperation between the trust and the bank.

With IT and positive strategic consulting background, the strategy of “doing business well” has been strongly promoted.
With a background in IT and positive strategic consulting, Zhang Xiaolu may be a key figure in Ping An’s strategy of “doing fine work for the public” under technology empowerment.

Zhang Xiaolu once worked at the IBM Insurance Data Warehouse Lab; subsequently, he implemented core business conversions for emerging large insurance companies in the IBM Consulting Transformation Team.

In April 19, he joined the Ping An Group as the deputy director and secretary general of the Youth League.

In June, from the group to the bank to help and assist in the management of the company, it is precisely the implementation of the strategy of “doing business with the fine”.

Ping An Group’s group financial thinking may make it easier for the company to go to the next level.

She said that the subsidiaries of the group have different roles in the group strategy, and Ping An Bank’s corporate business is the core engine of group financial business.

Its strategy on corporate “1 + N” (1 customer, N products) is also a reflection of the group financial thinking of Ping An Group.

The second phase of the retail transition has a perfect accumulation of power, and it is expected to usher in the third phase of a comprehensive expansion and the second phase (18Q4-2019).

With AI as the driving force, we will build three pillars: 1) the “three leading players” in consumer finance, credit cards, new loans, car loans, attention to online development and process optimization, and the growth rate of certain controlled risks is relatively low.Fast ;; 2) Private wealth, after the integration of the trust wealth team, product capabilities and marketing strength strengthened, AUM broke trillion in 18 years; 3) Basic retail continued to promote customer acquisition across all channels, creating online and offline group financialTraffic inlet.
The retail transformation has entered the harvest period.

At the end of 18, the retail customer AUM reached 1.

42 trillion, a year-on-year increase of +30.

4%; retail business revenue was 61.9 billion, a year-on-year increase of +32.

5%; net profit of 17.1 billion.

In 16-18, the retail revenue share rose from 31% to 53%, and the net profit share rose from 41% to 69%.

The handling of incidents by high-risk financial institutions has little impact on Ping An.

First of all, the equity management of stock banks is better, and the asset quality is fully stable and high-quality.

Basic stock banks are less affected by the upward movement of the deposit certificate issue rate; Ping An’s interbank debt is relatively low, and there is not much pressure on the resistance side.

Investment suggestion: The Group promotes the integration of resources, “doing fine work for the public” and then stepping up to a safe level. The strategy of “leading technology, retail breakthrough, doing fine work for the public” is gradually being transformed; the retail transition is entering the harvest period, and the third stage is worth looking forward to.

As a leader in retail transformation, Ping An has high-quality business, good logic, and good flexibility. It is forecasted to be affected by emotions in the short term, and its costs will increase. It maintains a BUY rating.

Risk reminder: The progress of the public transition is less than expected; repeated trade frictions and escalations dampen confidence.

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