接连收购村镇银行并改设分支机构，恒丰银行在下一盘什么棋？

Core Viewpoint - The acquisition of village banks by commercial banks, such as Hengfeng Bank's recent acquisition of Guang'an Hengfeng Village Bank, is part of a broader trend to reform and consolidate small financial institutions in China, aiming to enhance operational efficiency and risk management [2][8]. Group 1: Acquisition Details - On August 26, the Sichuan Financial Regulatory Bureau approved Hengfeng Bank's acquisition of Guang'an Hengfeng Village Bank and the establishment of two branches [2][3]. - Hengfeng Bank previously completed the acquisition of Chongqing Jiangbei Hengfeng Village Bank and is in the process of acquiring Yangzhong Hengfeng Village Bank, which is currently awaiting regulatory approval [5][6]. - Guang'an Hengfeng Village Bank was established in December 2010 with a registered capital of 200 million yuan, and as of the end of 2024, Hengfeng Bank holds a 66% stake after acquiring shares from other investors [3][4]. Group 2: Strategic Implications - The restructuring of village banks is accelerating, with the aim of broadening the operational scope of the main initiating banks while addressing challenges such as poor asset quality and losses from the acquired banks [2][8]. - The Chinese government has emphasized the importance of reforming small financial institutions, with a focus on risk management and structural reorganization, as indicated in recent policy documents [8][9]. - The trend of merging village banks into branches is seen as a way to enhance service capabilities and risk resilience, while also allowing the parent banks to expand their business scope [9][10]. Group 3: Market Context - As of the end of last year, there were 1,538 village banks in China, a decrease of 98 from the previous year, highlighting the ongoing consolidation in the sector [8]. - Recent cases of village bank acquisitions by other banks, such as Jiangsu Bank and Industrial and Commercial Bank of China, further illustrate the trend of consolidation within the industry [9].