德意志银行(Deutsche Bank)称不上钱多得没处花。截至第一季度末，这家"法兰克福最佳银行"的核心一级资本比率为7.5%，低于预期水平，较去年末下降了120个基点，主要因为动用了13亿欧元现金收购财富管理公司Sal Oppenheim。可是，接着德银还要再拿出6.4亿欧元，用于支持中国华夏银行(Huaxia)的融资，将持股比例从17.2%增至19.99%的上限。按资产规模计算，华夏银行是中国第13大银行，总部设在北京。
过去，（外国银行）总会用含糊的战略术语来解释对中资银行的投资。近5年前首次购入华夏银行9.9%股权时，德银就用上了"消费者富足"、"金融日益成熟"之类的说词。如今，它们越来越喜欢使用实实在在的数字。根据上次披露的材料，中国上市银行的平均股本回报率(ROE)为20%――是全球前100家非中资银行平均水平的两倍。拿德银自身来说，其投资银行业务所占的比重已大到了堪忧的地步：在该行首季税前利润中，企业银行业务和证券部门竟占到93%。如果你想更多地押注于零售银行业务，还有什么地方比中国更合适？
华夏银行当然不会是最后一家要融资的中资银行。中资银行首季业绩显示：手续费收入增长强劲；资产质量良好――至少眼下如此；3月末不良贷款比率处于1.4 %的历史低位。问题在于，中资银行内部形成资本的速度，赶不上贷款增长速度。就华夏银行而言，第一季度资产同比增长18%，而股东权益增长13%。今后，其它外资银行股东自然也会收到投资邀请；要是它们能不断增加投资,那就更好了。
Lex专栏是由FT评论家联合撰写的短评，对全球经济与商业进行精辟分析
译者/杨远
http://www.ftchinese.com/story/001032518
Deutsche Bank is hardly rolling in it. At the end of the first quarter Frankfurt's finest posted a lower-than-expected core tier one ratio of 7.5 per cent � down 120 basis points from the year-end, thanks largely to its �.3bn cash acquisition of the wealth manager Sal Oppenheim. Yet the bank will still find another �40m or so to support the capital raising of Beijing-based Huaxia, China's 13th largest lender by assets, taking its stake from 17.2 per cent to 19.99 per cent, the maximum allowable.
Investment in Chinese banks always used to be described in vague strategic terms; Deutsche flannelled about "consumer affluence" and "increasing financial sophistication" when it took its original 9.9 per cent stake almost five years ago. Increasingly, it is about hard numbers. Average return on equity at China's listed lenders was 20 per cent at their last filing � double the average for the world's top 100 non-Chinese banks. Deutsche, for its part, is becoming worryingly exposed to investment banking: its corporate banking and securities division accounted for 93 per cent of pre-tax profit in the first quarter. If you want to make a bigger bet on retail banking, there are few better places than China to do it.
Huaxia will certainly not be the last Chinese lender to raise capital. First-quarter results from the banks showed strong fee momentum and � for now � good asset quality; non-performing loans across the system were a record-low 1.4 per cent at the end of March. The problem is that the banks cannot generate capital fast enough internally to keep up with loan growth. At Huaxia, first-quarter assets rose by 18 per cent year-on-year, while equity rose by 13 per cent. Other foreign bank shareholders will naturally be tapped for funds; if they can increase their exposures along the way, so much the better.
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