HSBC 汇丰：中信银行 深度报告（120页）

－06.18 China Citic Bank 06.18 英文

China CITIC Bank (CITIC Bank) is a corporate bank with great prospects to improve its
profitability, in our view. Corporate customers accounted for c90% of advances and c83%
of deposits at end-2006 and with its concentration of branches in the Yangtze River Delta
and Bohai Rim regions it has exposure to China’s macro growth. In the near- to mediumterm,
we believe there are four drivers for higher profits:

Contents

Executive summary 4
Why CITIC Bank? 9
Operational review 29
Forecasts & assumptions 49
Valuation 55
Risk factors 63
Sector overview 67
What is CITIC Bank? 72
Strengths and strategy 80
Appendices 88
Appendix 1: CITIC Group 89
Appendix 2: Board and executive leadership 92
Appendix 3: Risk management framework 93
Appendix 4: Corporate banking and treasury operations 98
Appendix 5: Retail banking business 104
Appendix 6: The bank card industry in China 111
Appendix 7: Awards won by CITIC Bank 115
Disclosure appendix 116
Disclaimer 119