四川农信改革进行时：从“省投市”资本纽带到“市并县”体系重构

Core Viewpoint - The recent approval for the dissolution of 13 county-level rural commercial banks in Sichuan marks a significant advancement in the "provincial investment and municipal integration" reform led by Sichuan Rural Commercial Bank, aiming to reshape the rural financial network in the province and provide a replicable model for national rural financial reform [1] Group 1: Reform Overview - The reform, initiated in 2024, focuses on a two-step strategy: first integrating municipal equity, followed by promoting county-level mergers, which is expected to enhance resource allocation towards rural revitalization, small and micro enterprises, and green agriculture [1] - The establishment of Sichuan Rural Commercial Bank in January 2024, with a registered capital of 22 billion yuan, signifies the formal adoption of the provincial joint bank model, which will gradually invest in municipal rural commercial banks through targeted capital increases [2] Group 2: Capital Injection and Shareholding Structure - The core logic of the reform involves a tiered integration approach where provincial capital is injected into municipal banks, which in turn consolidate county banks, with the first capital increase reported by Liangshan Rural Commercial Bank raising 772 million yuan [2][3] - By September, Sichuan Rural Commercial Bank had become the largest shareholder in several municipal banks, increasing its shareholding in Neijiang and Mianyang banks significantly [3] Group 3: Institutional Integration - The "municipal integration of county banks" aspect of the reform involves four municipal banks absorbing 13 county banks, with all business and debt responsibilities transferred to the municipal banks [4] - Specific municipal banks, such as Suining and Guangyuan, have absorbed multiple county banks, with Sichuan Rural Commercial Bank holding significant stakes in these institutions, enhancing its influence and control [4] Group 4: Resource Coordination and Competitive Advantage - The reform is expected to create substantial value beyond mere institutional integration, optimizing the shareholding structure of 10 municipal and 13 county banks, thereby enhancing their competitive position against larger commercial banks [5] - The integration is anticipated to improve operational efficiency, brand recognition, product innovation, and financial technology capabilities, allowing rural commercial banks to better compete in the market [5][6] Group 5: Tailored Reform Approach - The reform adopts a "localized and tailored" strategy, adjusting the reform pathways based on the economic conditions and institutional characteristics of different municipalities, which serves as a model for other regions [6]