国家金融监管总局印发《商业银行并购贷款管理办法》

Core Viewpoint - The National Financial Supervision Administration has issued the "Management Measures for Mergers and Acquisitions Loans by Commercial Banks," which outlines the conditions and requirements for commercial banks to provide loans for mergers and acquisitions, emphasizing risk management and compliance with regulatory standards [1][4]. Group 1: Loan Types and Conditions - Control-type acquisition loans can be applied for by a single acquirer who has already obtained control of the target enterprise, with a minimum share acquisition of 5% [6][7]. - Equity-type acquisition loans support a single acquirer for acquiring shares without achieving control, requiring a minimum share acquisition of 20% [6][7]. - If an acquirer already holds 20% or more of the target enterprise's shares and seeks to increase their stake without achieving control, they can apply for equity-type loans with a minimum acquisition of 5% [7]. Group 2: Loan Management and Risk Assessment - Commercial banks must enhance management of loan disbursement, monitor the implementation of mergers, and prevent misuse of funds [2][28]. - Banks are required to conduct thorough due diligence and risk assessments, covering aspects such as the commercial value of the target enterprise, financial health, and compliance with legal requirements [9][10]. - A professional team with relevant experience must be established to evaluate the risks associated with the merger and the borrower's repayment capacity [8][9]. Group 3: Financial Ratios and Limits - Control-type loans should not exceed 70% of the total acquisition price, while equity-type loans should not exceed 60%, with a minimum of 30% and 40% equity funding, respectively [14]. - The term for control-type loans is generally capped at ten years, while equity-type loans are capped at seven years [15]. - The total balance of acquisition loans for a single borrower should not exceed 2.5% of the bank's Tier 1 capital, and the overall balance should not exceed 50% [16][17].