① The latest regulatory approval information shows that within less than two weeks, MINSHENG BANK closed two remote credit card sub-centers located in North China and Northeast China. ② This year, Bank Of Communications has already shut down eight remote credit card sub-centers, and with the two latest cases from MINSHENG BANK, the total number of closures in the Credit Card remote sub-centers in the entire Industry has exceeded ten.
According to the Financial Alliance on March 18 (Reporter Peng Kefeng), a national bank has once again closed its remote credit card sub-centers.
On the afternoon of March 17, the official website of the National Financial Regulatory Administration disclosed that it has approved the termination of operations of the Northeast sub-center of the credit card center of China MINSHENG BANK. This follows the closure of multiple remote credit card sub-centers by Bank Of Communications this year, and marks the first time a national commercial bank has followed suit. It also indicates that the number of bank closures of remote credit card sub-centers has reached ten for the first time this year.
The Northeast and North China sub-centers of MINSHENG BANK's credit card division have successively ceased operations.
Yesterday, the Dalian Financial Regulatory Bureau issued an administrative approval agreeing to terminate operations of the Northeast sub-center of China MINSHENG BANK's credit card center.
This is not the first time MINSHENG BANK has closed its remote credit card sub-centers. This year, the bank has already taken action twice.
On March 7 this year, the Peking Financial Regulatory Bureau issued a document stating that it approved the termination of operations of the North China sub-center of China MINSHENG BANK's credit card center and required the latter to properly handle the transfer of business, personnel placement, risk prevention, and public announcements after termination in accordance with laws and regulations.
This means that within less than two weeks, MINSHENG BANK has closed two remote credit card sub-centers located in North China and Northeast China.
What are the considerations behind MINSHENG BANK's actions? Will it close all remote credit card sub-centers in the country in the future? From March 17 to 18, reporters from the Financial Association repeatedly contacted relevant personnel at MINSHENG BANK, who stated that they would inform us after contacting the business department. However, by the time of publication, no response was received.
The wave of closure and merger of remote credit card sub-centers has been initiated by Bank Of Communications multiple times since the beginning of the year.
Before MINSHENG BANK, several state-owned major banks had already taken the lead this year in closing multiple remote credit card sub-centers. According to information released by financial regulatory authorities in various regions, in just over two months since the beginning of the year, Bank Of Communications has already closed 8 remote credit card sub-centers, including:
On January 10 of this year, regulatory approval was granted, allowing the termination of operations at the Nam Cheong sub-center of Bank Of Communications The Pacific Credit Card Center.
On January 24, regulatory approval was granted, allowing the termination of operations at the Shenzhen sub-center of Bank Of Communications The Pacific Credit Card Center, with its business merged into the Shenzhen branch of Bank Of Communications.
On February 6, regulatory approval was granted, allowing the termination of operations at the Lanzhou sub-center of Bank Of Communications The Pacific Credit Card Center.
On February 11, regulatory approval was granted, allowing the termination of operations at the Guiyang sub-center of Bank Of Communications The Pacific Credit Card Center.
On February 19, regulatory approval was granted, allowing the termination of operations at the Fuzhou sub-center of Bank Of Communications The Pacific Credit Card Center.
On February 24, regulatory approval was granted, allowing the Bank Of Communications Peking Pacific Credit Card Center Tianjin Branch to cease operations, with its business merged into the Bank Of Communications Peking Tianjin Branch.
On February 25, regulatory approval was granted, allowing the Bank Of Communications Peking Pacific Credit Card Center Fuyang Branch to cease operations.
On February 28, regulatory approval was granted, allowing the Bank Of Communications Peking Pacific Credit Card Center Ningbo Branch to cease operations.
Previously, a relevant person from a national joint-stock bank revealed to the Financial Alliance News reporter that the reason for choosing to shut down the credit card off-site branches was due to the needs of bank management, transitioning the management model from operating with licenses to a local branch management model under the guidance of regulatory agencies.
However, based on information from insiders at a certain Jiangsu-Zhejiang-Shanghai bank to the Financial Alliance News reporter, the large-scale establishment of off-site credit card branches was previously due to the expansion cycle, which helps to improve operation efficiency, with staffing and salary distribution managed by the head office. Now that major banks are closing this institution one after another, the fundamental reason lies in the fact that after exiting rapid growth in card issuance and transaction volume, consolidating and merging can save costs and increase efficiency.
The Financial Alliance News reporter noticed that as multiple banks successively shut down their off-site credit card branches, recent reports of bad credit card loans being sold at discounted rates also frequently became a social hotspot.
The latest case is that on March 12, Ping An Bank disclosed a personal bad loan (credit card overdraft) transfer project at the Silver Registration Center. The announcement indicated that the bank intends to transfer an asset package through online public bidding, with an unpaid principal and interest total of 0.187 billion yuan, including unpaid principal of 0.16 billion yuan and unpaid interest of 0.027 billion yuan, with a starting bid price of only 7.68 million yuan.
A certain brokerage industry analyst candidly stated that credit card consumption is easily influenced by the overall economic environment. In recent years, many banks' credit card bad debt issues have increasingly been exposed, but methods such as discount auctions and transfers to AMCs fall under market-based disposal, requiring no excessive interpretation. However, overall, it has become a fact that the peak period of the credit card market has passed.
Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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