The post of president Postal Savings Bank of China, who has been vacant for nearly five months, may go to Liu Jianjun, executive director, vice president and secretary of the board of directors of China Merchants Bank. Liu Jianjun will become the first senior executive to be appointed president of a large state-owned bank by China Merchants Bank after his qualifications are approved by the board of directors and approved by the CBIC, according to people familiar with the matter.

On May 28th, China Merchants Bank announced that Liu Jianjun resigned as executive director, vice president and secretary of the board of directors due to job transfer. On the same day, after the news that Liu Jianjun would be transferred to president Postal Savings Bank of China, Postal Savings Bank of China rose strongly, reaching 4.31% at the close, far exceeding the average increase of 0.31% in the banking sector. The market is full of expectations for Liu Jianjun to join Postal Savings Bank of China.

According to public data, Liu Jianjun, 55, served as vice president of Weifang Branch of China Construction Bank Corporation Shandong Branch, vice president of Jinan Branch and president of Texas Branch from 1995 to 2000. In 2000, Liu Jianjun joined China Merchants Bank as vice president of China Merchants Bank Jinan Branch. Since 2004, Liu Jianjun has served as general manager and business director of China Merchants Bank head office retail banking department, executive vice president of retail finance headquarters and chairman of credit card center. At the end of 2013, Liu Jianjun was promoted to vice president of China Merchants Bank head office and held the post of secretary to the board of directors in 2019, mainly in charge of the office of the board of governors and human resources.

After 15 years of hard work, the main founder of "King of Retail"

In 2004, Ma Weihua, then president of China Merchants Bank, put forward, "No business, no food today, no food in retail, no food in the future." "while domestic banks are still generally focused on public business, they have taken the lead in vigorously developing retail business.

Liu Jianjun was transferred from the branch to China Merchants Bank head office as general manager of the retail department. From 2004 to 2019, from general manager of China Merchants Bank retail department to vice president in charge of retail business, Liu Jianjun fought for China Merchants Bank retail business for 15 years. Wang Hongdong, a former deputy general manager of China Merchants Bank's wealth management department, said: "President Liu is the chief planner of China Merchants Bank's wealth management system, the chief designer and founder of China Merchants Bank's private banking business, and the main founder of China Merchants Bank as the 'king of retail'. "

Wang Hongdong, now vice president and general manager of Tianfeng Securities, has worked in China Merchants Bank's wealth management system for 15 years. He is an old subordinate of President Liu Jianjun and a key executor of many policies. In his view, Liu Jianjun's most important contribution is to promote the establishment, shaping and practice of the values of "customer interests first" in China Merchants Bank's retail business. to build a huge cultural advantage, "this is the core competitiveness of China Merchants Bank's wealth management and private banking and the foundation of the moat. "

Another person who has worked in China Merchants Bank's retail system believes that Liu Jianjun's core contribution to China Merchants Bank's retail business is to establish the values and concepts of customer interests first, and on the basis of this concept, to establish a set of perfect system and form a professional service ability. President Liu is very affectionate and has deep feelings for the common people from the bottom of his heart, hoping to do his best to preserve and appreciate the wealth of the common people. "

In March 2018, Liu Jianjun said at the 2018 Annual meeting of Chinese Institutional investors hosted by this newspaper: "We talk about it every day, adhere to the most basic customer-centered concept, and take professional asset allocation services as the core. Continue to create value for customers and create banks with the best customer experience. "

The customer-oriented retail business has a huge investment in the early stage, and it takes a long time to accumulate in order to achieve results. "some colleagues have learned from us, in fact, it is very simple, that is, no matter what difficulties and tests we face, we must always stick to our original intention. In the early years, when it was very difficult and often faced with the choice of interests, why can we adhere to the existing ideas and strategies? Because there is a leader to hold it for us. The aforementioned China Merchants Bank employee said, "President Liu has a strategic vision and is considering the trend in five years and ten years' time. "

The employee said Liu Jianjun respects professionalism and talent. In the early years, China Merchants Bank's retail business hired a number of experts from Taiwan, Hong Kong and other regions with a high salary, allowing China Merchants Bank's retail business to start from an advanced level. Later, when the private banking business was independent, it also brought in a number of professionals from Taiwan. Liu Jianjun is also more laissez-faire in management, usually giving you some advice and guidance, but will not interfere in specific work, some project researchers are not optimistic, can veto from the bottom up.

Wang Hongdong believes that during China Merchants Bank's journey to become the "king of retail", Liu Jianjun's many innovations are not only crucial to the development of China Merchants Bank's related business, but also provide useful experience for the domestic wealth management industry, such as:

He firmly abandoned the product sales orientation of "selling" and created the landing of asset allocation methodology in wealth management in China, which effectively solved the problem of investor appropriateness; in order to solve the conflict of interest such as customer interests and bank deposit assessment, he first initiated the AUM (customer Management Total assets) assessment model in China, and made it a touchstone to practice the values of "customer interests first".

He creatively established a team of wealth advisers in the wealth customer group, and established an investment adviser and an online service system in the private bank customer group, which has now become a template for the industry.

He is well aware of the cornerstone role of risk management in customer wealth management, and promotes the allocation and application of "indemnificatory insurance" in wealth management in the spirit of a preacher, which has achieved China Merchants Bank's dust-free market position in "long-term insurance".

As the leader of China Merchants Bank's retail business, Liu Jianjun is not only the spiritual leader of China Merchants Bank's retail team, but also highly recognized by many partners.

Dou Yuming, chairman of China Europe Fund, said in an interview with this newspaper that Liu Jianjun has a deep understanding of retail business and wealth management business, and is also very experienced in how to run an enterprise, from macro corporate culture, corporate governance structure, and corporate strategy. To the meso organizational structure design, incentive system, team training, and then to the micro sales staff how to assess all levels are very familiar with very professional. President Liu is very approachable, every communication is very patient, and listen carefully, discuss on an equal footing, more like a scholar. Communicating with him often gives me a lot of inspiration. "he said.

Wang Dexiao, general manager of Hongde Fund, said in an interview with this newspaper that Liu Jianjun, as a leader in China Merchants Bank's retail and wealth management system, is very professional. In the process of cooperation with China Merchants Bank, what he felt most strongly was that Liu Jianjun attached great importance to the interests of the holders, regarded the interests of the holders as the cornerstone of the development of the public offering fund industry, and stressed that only the holders received good returns. Fund companies, sales institutions and other financial institutions can have good long-term development, and the fund industry will have a good ecological environment.

Yan Changsheng, deputy general manager of Xingzheng Global Fund, said in an interview, "President Liu is professional and calm, has led China Merchants Bank's two retail strategic transformations, and is an outstanding leader in China Merchants Bank's retail finance career. "

Persisting in taking the customer as the center, China Merchants Bank is far ahead in the number of equity funds.

A few days ago, the China Fund Industry Association released a list of the top 100 public offering funds held by consignment agencies in the first quarter of 2021. China Merchants Bank ranks first in the number of equity funds with a scale of 671.1 billion yuan, far exceeding several state-owned banks. China Merchants Bank ranks second only to Ant Fund, still far surpassing the state-owned big banks.

As the most powerful fund agency, China Merchants Bank has an important and far-reaching impact on the public equity fund industry and even the whole asset management industry, and has made a beneficial exploration for constructing a good ecology of the asset management industry.

In the early stage of the development of China Merchants Bank's retail business, Liu Jianjun proposed that retail business should strictly guard customers in terms of product access, and take the lead in the study of buyer institutions in the banking industry. As early as 2006, China Merchants Bank began to build a "five-star choice" fund pool. So far, fund products were selected by China Merchants Bank's "five-star selection", which is still a rare honor for fund companies. The overall performance of the "five-star selection" also greatly exceeds the average performance of the fund.

The results of China Merchants Bank's buyer's research are more reflected in the "discerning eye" of selecting partners.

Liu Jianjun personally dispatched, explored and cultivated a series of excellent asset management companies, such as "Dongfanghong" asset management, and cultivated a large number of strategic partners based on the seed stage for China Merchants Bank's public fund business, thus achieving China Merchants Bank's reputation as a "professional account of fund popular style" today.

In 2010, China Merchants Bank and Dongfanghong first launched a new closed-end equity fund. Chen Guangming, who once took the helm at the helm of Dongfanghong, recalled, "in our initial stage, when we were not so confident, China Merchants Bank thought that our customers' values of putting interests first were very consistent with their ideas, and he was very optimistic about us." contact us very actively. "

At that time, the equity fund was a uniform open-end fund, and China Merchants Bank chose a closed-end fund as a cooperative product with Dongfanghong, which also reflected China Merchants Bank's ability of product innovation and the implementation of the concept of putting the interests of customers first. Chen Guangming is the fund manager of this fund. "it was very difficult to sell at that time, but China Merchants Bank thought that closed-end products could help clients overcome their human weaknesses and really benefit them, so they were willing to face up to difficulties and actively promote them." "the later story is widely known. The series of closed-end equity funds that China Merchants Bank cooperated with Dongfanghong achieved excellent performance, and the holding clients also earned real money and silver. This also makes public funds re-recognize the charm of closed-end equity funds, which once set off a "wave of closure" in the public offering industry, and has had an impact so far. Dongfanghong Capital Management has also quickly become a company with great market appeal.

Also benefited from the cooperation with China Merchants Bank, including the China-Europe Fund. Dou Yuming said, "the China-EU Fund has developed rapidly in recent years, and China Merchants Bank's support is very important." "

The cooperation between China and Europe Fund and China Merchants Bank began in 2014. At that time, the asset management scale of China and Europe was only more than 10 billion, and among China Merchants Bank's partners, the strength was relatively weak, but Liu Jianjun and his retail team believed that China and Europe, as the first employee-owned fund company in the fund industry, have advantages in governance structure, talent introduction, strategic concentration and other aspects, and are optimistic about the development prospects of China and Europe. Therefore, they actively support cooperation with China and Europe.

Reviewing his cooperation with China Merchants Bank for many years, Dou Yuming believes that the China Merchants Bank management team led by Liu Jianjun has a profound view of problems, a clear train of thought, and many ideas and practices in wealth management business are very leading in the domestic financial industry. its core is to adhere to customer interest-oriented values, pay close attention to customer interests, especially the long-term interests of customers, and strictly guard customers in terms of product access. And through product innovation, including closed-end equity funds, help customers really harvest good returns, develop a good habit of long-term investment, and achieve multi-win for customers, banks and fund companies.

Yan Changsheng, deputy general manager of Xingsheng Global Fund, recalled that when he was leading China Merchants Bank's large retail business, Liu Jianjun attached great importance to cooperation with high-quality public equity fund companies and led a team many times to conduct in-depth research on the global fund. his recognition of the company's investment culture and responsibility values is the key to the cooperation between Xingquan Fund and China Merchants Bank.

It is the emphasis on the protection of the interests of holders that makes China Merchants Bank's fund clients better protected in the rapidly changing market environment in 2015.

In April and May 2015, the A-share market gradually entered a state of excitement, and the sales of equity funds were extremely hot, but China Merchants Bank sent an email to all customers of the bank, clearly reminding the market risks and quickly reducing the promotion of high-risk products. We will vigorously launch low-risk products. Under the direct guidance of Liu Jianjun, China Merchants Bank's retail system decisively alerted the market risk at a critical point in time. Although it lost intermediary business income due to customer redemption, it won the trust of investors and further enhanced the reputation of China Merchants Bank fund sales. It also laid a solid foundation for later business development.

Postal Savings Bank of China, full-speed transition to new retail

Postal Savings Bank of China, who is about to take office by Liu Jianjun, is a young state-owned bank. By the end of March 2021, the bank had nearly 12 trillion yuan in assets, ranking fifth among listed banks.

Since its establishment, Postal Savings Bank of China has always adhered to the retail banking strategy, with unique genes in business model, channels and retail customers, and innate retail banking resource endowment. First, relying on the agency outlets of the Post Group, the bank has the largest number and widest coverage of the distribution network. At the end of last year, the bank had nearly 40,000 business outlets, of which more than 80% were agents. Second, the network sinks deeply and covers a wide range. 18% of the bank's agency outlets are located in county towns and 55% are located in areas below the county level. Third, it has the largest retail customer base of China's commercial banks. By the end of last year, the bank served 622 million individual customers, retail AUM reached 11.25 trillion yuan, retail deposits and retail loans accounted for 87.8% and 56.9% respectively, and retail business income contributed nearly 70% for the whole year.

In 2020, Postal Savings Bank of China insists on "retail-led, wholesale coordination". With the improvement of quality and efficiency of retail business, the advantage of retail characteristics has become increasingly prominent. With the development of financial technology and the arrival of the digital age, Postal Savings Bank of China realized that it is urgent to accelerate the transformation of new retail. At this point in time, Postal Savings Bank of China ushered in Liu Jianjun this "new handsome", the former has mass, the latter has experience, the combination of the two, Postal Savings Bank of China's retail layout will be where to look forward to.

In this regard, Wang Hongdong believes that Postal Savings Bank of China has 622 million customers and 40, 000 business outlets throughout urban and rural areas, which is not only fertile ground for the sinking of the supply side of wealth management, but also fertile ground for practicing inclusive finance and improving social wealth management welfare. For a long time, Postal Savings Bank of China has been the king of the insurance business of domestic banks, with strong execution, outstanding combat ability in individual categories, and a certain foundation for the development of wealth management.

Wang Hongdong summed up the current situation of Postal Savings Bank of China's retail business as "four deficiencies and four deficiencies", that is, there is no lack of customer service system, no shortage of asset allocation services for multiple products such as deposits and insurance, and no shortage of personnel, capacity and methods. there is no shortage of outlets.

In Wang Hongdong's view, the experience and ability needed to solve these problems is exactly what Liu Jianjun has, and it is also the magic weapon that he has explored and polished in China Merchants Bank for a long time and has been tested as a successful weapon. Of course, while seeing the great possibility of Postal Savings Bank of China's future development, we should also be patient with President Liu Jianjun's administration. The systematic construction of retail banks requires time and a lot of resource investment, requires the deep participation of personnel from all lines of the bank, and requires the concerted efforts of hundreds of thousands of people from the board of directors, management and general branches. The law of development is insurmountable, far from being achieved overnight. Difficulties and twists and turns are inevitable. We must have enough patience and firm strategic execution. "after all, elephants need time to dance. "

Dou Yuming is also very optimistic about the positive role of Liu Jianjun in the development of Postal Savings Bank of China. He believes that Liu Jianjun as president of Postal Savings Bank of China will effectively promote Postal Savings Bank of China's business development. Postal Savings Bank of China, as the bank with the largest number of outlets in China, its basic customer base is mostly in remote areas where third-and fourth-tier cities or even more sinking, so that the grassroots have the opportunity to enjoy more convenient and cheaper services, so that part of their savings into long-term investment, give them a better return, is the real inclusive finance.

Yan Changsheng is also looking forward to the future transformation and upgrading of Postal Savings Bank of China's retail business. He said that Postal Savings Bank of China, as the commercial bank with the largest network and the widest coverage among the major state-owned banks, has made good breakthroughs in serving rural revitalization and inclusive finance. Postal Savings Bank of China has always attached great importance to retail business, has a large number of outlets in third-and fourth-tier cities and county areas, and has a unique advantage in providing wealth management services for urban and rural residents. The addition of President Liu Jianjun is bound to further promote the transformation and upgrading of Postal Savings Bank of China's retail business and improve the management efficiency of the whole bank. "