高盛－平安保险：整合深圳商业银行和平安银行是拓展银行业务的重要一步

February 16, 2007　　　５页

Analysis
After the share transfer, SZCB will wholly own PAB, which has a license to
operate Rmb corporate banking business in Shanghai and Fuzhou.
Ping An has stated that it plans to integrate the management systems of
the two banks in an effort to develop its banking businesses under a single
brand name and a unified platform. In our view, this is a crucial time for
unifying the branding, as it comes right ahead of the launch of the newly
acquired banking operation. We believe Ping An may eventually rebrand
SZCB to the “Ping An” brand name, so as to further increase branding and
cross-selling synergies under the Ping An holding company umbrella.