The First Financial Asset Management Co To Be Established In Shandong

This morning, the Shandong financial asset management Limited by Share Ltd was set up in Ji'nan. This is the only professional financial institution in the province which is approved by the Shandong provincial government to engage in the acquisition and disposal of non-performing assets. It marks our province gradually constructing a complete platform for the disposal of non-performing assets.

Shandong financial Asset Management Co is sponsored by Shandong Lu Xin Investment Holding Group Co., Ltd., which is jointly sponsored by XinDa asset management Limited by Share Ltd, Ji'nan Finance Investment Co., Ltd., Guotai Leasing Co., Ltd., Weihai state owned Capital Operation Co., Ltd. and Linyi City Construction Investment Group Co., Ltd., with registered capital of 1 billion 300 million yuan, mainly in the Shandong province to carry out bulk acquisition and disposal of non-performing assets of financial institutions.

After the establishment of Shandong financial Asset Management Co, it will build a complete disposal platform for non-performing assets of Shandong financial institutions, together with Shandong financial assets trading center.

In addition, the financial Asset Management Co of Shandong will also make arrangements in the fields of creditor's rights assignment, equity investment management, asset securitization and related business areas of financial institutions, further extending the chain of disposal of non-performing assets in our province, helping to defuse and guard against regional financial risks and maintain local conditions.

To stabilize and improve the quality of financial institutions in the province.

The establishment of financial Asset Management Co in Shandong is of great significance.

Influenced by the macroeconomic situation at home and abroad, the quality of commercial banks' assets remains under pressure, and local financial risks are constantly accumulating.

As of December 2014, the balance of non-performing loans of Shandong's banking financial institutions was 99 billion 595 million yuan, an increase of 34 billion 789 million yuan compared with the beginning of the year, and the rate of non-performing loans was 1.86%, an increase of 0.5 percentage points from the beginning of the year, which is higher than the national level.

Li Yongjian, director of the provincial finance office, said that the establishment of Shandong financial Asset Management Co could provide a new financial variety for local financial resources in our province.

The local financial resources of Shandong province are relatively small in the financial resources of the whole province, and lack of financial backbone enterprises with a certain scale.

After the establishment of Shandong financial Asset Management Co, it is not a simple "bad assets disposal" company, but a real sense of Asset Management Co, not only to deal with it.

Financial creditor's rights and bad creditor's rights are single.

It should also manage high-quality, excellent assets, rely on business innovation, and provide personalized comprehensive financial solutions to enhance profitability and efficiency.

As the main sponsor and major shareholder, Lu Xin group will facilitate the development of Shandong's financial Asset Management Co.

Ji Binchang, chairman of the company, said that the existing registered capital of the company is about 1000000000 yuan, which can not effectively meet the requirements of large scale continuous acquisition and disposal of non-performing assets. The most urgent task is to introduce experienced and experienced investors to increase capital and expand shares, so as to realize the rapid expansion of capital to 2 billion yuan.

The next step will be to implement corporate governance and market-oriented operation, establish and improve the incentive and restraint mechanism, innovate the operation mode of non-performing assets, establish and improve the risk prevention and control system, and effectively enhance risk prevention and control capabilities.