事关商业银行并购贷款 金融监管总局征求意见

Core Viewpoint - The Financial Regulatory Administration has revised the "Guidelines for Risk Management of Mergers and Acquisitions Loans" to enhance the support for mergers and acquisitions (M&A) loans, aiming to facilitate the construction of a modern industrial system and the development of new productive forces [1] Group 1: Expansion of M&A Loan Scope - The revised guidelines broaden the applicability of M&A loans to include certain conditions for minority stake acquisitions [2] - M&A loans can now support domestic acquirers in gaining control, merging, or acquiring stakes in existing operational enterprises or assets through various means [2] Group 2: Types of M&A Loans - M&A loans are categorized into controlling and minority stake loans, with controlling loans aimed at acquiring control of target enterprises or assets [3] - Minority stake loans support acquirers in obtaining at least 20% of the target's equity without achieving control, with a minimum acquisition of 5% for existing stakeholders [3] Group 3: Requirements for Banks - Banks offering M&A loans must have sound operational status, complete corporate governance, and a professional team for due diligence and risk assessment [4] - Banks must meet specific asset thresholds, with a minimum of 50 billion yuan for general M&A loans and 100 billion yuan for minority stake loans [4] Group 4: Debt Servicing Capacity Assessment - The guidelines emphasize the importance of assessing the borrower's debt servicing capacity, considering various financial and non-financial factors [5][6] - M&A loans should not exceed 70% of the transaction price for controlling loans and 60% for minority stake loans, with equity funding making up at least 30% and 40% respectively [6] - The maximum loan term is set at ten years for controlling loans and seven years for minority stake loans [6]