两日内三家官宣入局，招商银行、中信银行同天公告出资设立AIC

Core Viewpoint - The expansion of the Financial Asset Investment Company (AIC) pilot program is accelerating, with three joint-stock banks announcing their participation within two days, indicating a significant shift in the banking sector towards equity investment [1][2]. Group 1: AIC Establishment and Expansion - China Merchants Bank (CMB) announced plans to invest RMB 15 billion to establish a wholly-owned AIC, while Citic Bank plans to apply for a similar company with an investment of RMB 10 billion [1]. - The initial registered capital for CMB's AIC will be RMB 15 billion, and upon successful establishment, it will become a wholly-owned subsidiary of the bank [1]. - Industrial Bank has also been approved to establish an AIC with a registered capital of RMB 10 billion, marking the sixth bank to enter the AIC space [1]. Group 2: Background and Regulatory Changes - Since 2017, the five major state-owned banks have established AICs primarily for debt-to-equity swaps and related support services, with recent expansions into equity investment [2]. - In September of the previous year, the regulatory body expanded the AIC pilot cities from Shanghai to 18 cities, easing restrictions on investment amounts and ratios [2]. - In March, the announcement was made to support eligible commercial banks in establishing AICs, allowing insurance funds to participate in equity investment trials [2]. Group 3: Strategic Importance and Financial Implications - CMB's president highlighted the bank's capital strength and experience in equity investment, indicating that establishing an AIC is significant for meeting corporate equity investment needs [2]. - The establishment of AICs is seen as beneficial for supplementing long-term capital and enhancing comprehensive service capabilities for commercial banks, particularly in direct equity investment and loan-equity linkage [2]. - CMB emphasized that the establishment of the AIC aligns with its business development needs and will enhance its integrated service capabilities without significantly impacting its financial status [3].