商业银行并购贷款管理办法征言：并购贷款最长期限可至10年

Core Viewpoint - The Financial Regulatory Bureau has released a draft for the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," aiming to enhance the upper limit of merger loan ratios and extend loan terms to better meet corporate financing needs [1] Group 1: Loan Management and Terms - The draft proposes that the term for controlling merger loans should generally not exceed 10 years, an increase from the previous limit of 7 years [1][5] - The upper limit for controlling merger loans as a percentage of the transaction price is set at 70%, while equity funding must constitute at least 30% of the transaction price [4] - For participatory merger loans, the upper limit is 60%, with equity funding required to be at least 40% of the transaction price [4] Group 2: Scope of Mergers and Acquisitions Loans - The draft expands the scope of applicable merger loans to include participatory mergers, allowing loans for acquiring stakes in target companies without achieving control [2][3] - Participatory merger loans are defined as loans for a single acquirer to obtain at least 20% of the target company's equity, with a minimum acquisition of 5% for those already holding 20% or more [3] Group 3: Bank Qualifications and Risk Assessment - The draft introduces differentiated asset scale requirements for banks engaging in controlling and participatory merger loan businesses, with a minimum asset balance of 500 billion RMB for controlling loans and 1 trillion RMB for participatory loans [3] - Banks are required to assess the borrower's repayment ability by considering various financial indicators, including profitability, asset quality, and cash flow, as well as non-financial factors like corporate governance and market conditions [6][7]