Another trust company ushered in a new "helmsman". RecentlyTopnftplaytoearngames2022The Beijing Regulatory Administration of the State Administration of Financial Supervision and Administration issued a notice approving the qualifications of the chairman of Reed CITIC Trust Co., Ltd. (hereinafter referred to as "CITIC Trust").
Before obtaining the chairman's qualification "license", Reed served as vice chairman and general manager of CITIC Trust and worked for CITIC Systems for a long time. According to the resume, Reed, 52, with a master's degree in accounting from Deakin University in Australia, joined CITIC Bank in July 1994. he has served as deputy general manager and general manager of Citic Bank, and deputy head of preparatory group of Hong Kong Branch. Secretary of the Board of Directors of Citic Bank (601998), Party Committee Secretary and President of Shenzhen Branch, Party Committee member and Vice President of CITIC Bank. In October 2022, with the approval of the board of directors of CITIC Trust, he joined the company and succeeded Li Zimin as general manager.
Before Reed officially assumed the post of chairman, the chairman of CITIC Trust was held by Liu Zheng, deputy general manager of CITIC Group, deputy general manager of CITIC Co., Ltd., and chairman of CITIC Financial assets.
It is understood that Citic Trust, formerly known as CITIC Industrial Trust and Investment Company, was established in March 1988, was later restructured, and was renamed with the approval of the China Banking Regulatory Commission in 2007. At present, the trust assets of CITIC Trust are in the forefront of trust companies. According to the 2023 annual report, Citic Trust has trust assets of 2. 5%.Topnftplaytoearngames2022.06 trillion yuan, an increase of 33.65% over the beginning of the year, bringing it back to the 2 trillion yuan mark. However, during the reporting period, the company's revenue and net profit declined compared with the same period last year, achieving operating income of 4.976 billion yuan, down 22.71% from the same period last year; the net profit belonging to the owner of the parent company was 2.628 billion yuan, down 12.76% from the same period last year.
Jinle function analyst Liao Hekai said that Reed is a Citic "veteran", widely recognized within the system, and has rich experience in employment and work at home and abroad. Serving as the new "helm" is conducive to leading Citic Trust to open up a new situation in the new development period of the trust industry.
Apart from Citic Trust, the management of a number of trust companies have welcomed new students so far this year. On May 26th, the Beijing Business Daily reporter combed and found that during the year, trust companies such as Xizang Trust, Zhongcheng Trust, Shandong International Trust, National Trust, Jianyuan Trust, Yingda International Trust, China Shipping Trust, Lujiazui (600663) International Trust and other trust companies have welcomed the new chairman, vice president, general manager, deputy general manager or secretary of the board of directors.
For example, on May 17, the Qingdao Regulatory Bureau of the State Administration of Financial Supervision and Administration issued a notice approving the qualifications of the deputy general manager of Majiashun Lujiazui International Trust. Prior to this, the qualification of Yue Zengguang, the new chairman of Shandong International Trust, was also approved by the Shandong Regulatory Administration of the State Financial Supervision and Administration.
"executives in the industry change more frequently, mainly because the trust industry has been under pressure from business transformation in recent years." Yu Zhi, a researcher of usufruct, believes that the main task of trust companies at present is to carry out business innovation and stock risk management under the guidance of the new "three categories". Business transformation and risk management need strong support from the company in terms of talents and resources, and the management's grasp of regulatory trends and business innovation has a great impact on trust companies. New executives are often expected to make breakthroughs in business and operations, or to inject external resources, or to shift strategic decisions.
It is reported that on June 1 last year, the notice on standardizing the classification of trust business of trust companies (that is, the new "three categories") was formally implemented. According to the trust product registration data of the China Trust Registration Company, from the date of the implementation of the new "three categories" to the end of December last year, asset service trusts established 19046 new trust products, with a scale of 2.470841 trillion yuan, accounting for 57.03%. Asset management trusts have newly established 10862 trust products, with a scale of 1.841676 trillion yuan, accounting for 42.51%.
"with the promotion of the new 'three categories', the development mode of trust companies is undergoing major changes, and the development ideas are also greatly adjusted. The role of trust companies is facing transformation, and the role of buyers is strengthened." Liao Hekai pointed out that the "asset management business" will be the main source of profit for trust companies for a long time in the future, and many businesses are faced with the intervention and transformation of financial technology to meet the development needs of the financial industry in the new era of high technology penetration. This has become an important consideration for the appointment of trust executives and the tilt of business team resources in recent years. The essence is to improve the quality and efficiency of trust development, strengthen the ability of trust to serve the real economy, and accelerate the return of trust companies to their origin.
As for how follow-up trust companies should adapt to changes and explore business growth points, Liao Hekai said that under the influence of factors such as the weakening demand for investment and financing in the real economy and the contraction of real estate trust business, trust companies can pay more attention to new opportunities at this stage, such as new infrastructure, non-performing assets disposal, enterprise restructuring and other areas. Strengthen the expansion of the field of service trust, give full play to the advantages of the trust system, and meet the growing needs of hot areas such as customer asset trusteeship, wealth management, family trust, testamentary trust and so on. Based on the debt market, we should actively explore the trust model of equity investment market and mixed financial market, accelerate the transformation of trust, and enhance the ability of trust active management to improve the level of trust profitability.