Winning the new financial era

Chapter 331

"What? You said that more than 30% of customers may be lost after the delivery process is completed?"

Cliff was in the office, and after listening to Sun Yanjia's report, he was furious.

"According to the purchase price of 3.2 million US dollars, wouldn't we lose at least 9600 million US dollars?"

Sun Yanjia replied: "Not entirely, according to the terms of the supplementary agreement:
Our full asset management license in Singapore includes: securities trading, futures contract trading, leveraged foreign exchange trading, corporate financing advisory, fund management, real estate investment trust management, securities financing, provision of securities custody services and provision of credit rating services.

Our Hong Kong business includes No. [-], No. [-] and No. [-] licenses, including three business licenses: securities trading, providing advice on securities, and asset management.

The financial licenses of the two places plus the staff team gave us a separate valuation of 5000 million US dollars.

So, the assessed value of assets under management for clients is $2.7 million.

Lost 30% of customers, which is equivalent to a loss of US$8100 million in the final delivery price. "

Cliff's face darkened, and he said, "Sun, no matter what method you think of, you must ensure that the purchase price of 3.2 million US dollars will not be lowered."

"When the group sold this part of its wealth management business, it should have expected such consequences.

Clients are unwilling to entrust their assets to Yimin Wealth Management, so it is impossible for us to force them with guns! "

Cliff said with a cold face: "Sun, pay attention to your attitude. Something has happened, what we need is a remedy, not endless complaining and evasion!

The group does allow 10% churn, but the churn rate is over 30%, which I'm sure you and I will have a hard time explaining to London. "

Sun Yanjia didn't say a word, she also knew that if things got messed up, there would be no good fruit to eat. As a Singaporean, she might be punished more severely.

"President Cliff, what do you think we should do to remedy this?"

Cliff thought for a while and said, "Maybe we shouldn't sell the business to Yimin Wealth. They are not the most suitable acquirer, at least for us."

"But their bid is the highest! Except they are willing to give a price of 3.2 million U.S. dollars, UOB and DBS Bank are not even willing to pay more than 3 million U.S. dollars."

Cliff sneered, "Those guys are very cunning. Our financial license is superfluous to them and a waste of duplication.

But for Yimin Wealth, it is different! "

Sun Yanjia nodded. That was indeed the case. Yimin Wealth, an outsider, was willing to offer a higher purchase price because he did not have a financial license.

"But we made a very stupid decision, which is to sell the business to Yimin Wealth."

Sun Yanjia was puzzled and asked, "Why do you say that?"

Cliff shook his head and sighed: "Yimin Wealth does not have any reputation and foundation in Southeast Asia or even Hong Kong, which is the biggest reason for the loss of customers.

If it is sold to United Overseas Bank, DBS Bank, etc., the turnover rate may be much lower. "

Sun Yanjia believes that this point of view does have some truth. Compared with Yimin Wealth, the other buyers are much stronger and more famous.

"In order to sell an extra 3000 to 8000 million US dollars, we lost more than [-] million US dollars. Maybe... some customers will be lost at the signing meeting, and the loss will be even greater."

Sun Yanjia blurted out: "No way! It's already lost 30%, is it possible to lose?

Since clients have come all the way to attend the signing meeting, they should all agree with Yimin Wealth! "

Cliff shrugged and said, "That's not necessarily true, who knows what they think?"

"Sun, you said... how about we change buyers?"

Sun Yanjia shook her head heavily and said, "President Cliff, we have signed a formal contract with Yimin Wealth.

Now if we unilaterally declare a breach of contract, it will not only make Barclays a joke, but also compensate Yimin Wealth for the double liquidated damages of the US$6400 million deposit paid to us. "

"You are all Chinese, don't you pay attention to the kind of incense? You should be able to negotiate with Yimin Wealth, right?

We have a good time with them, and in addition to returning the $6400 million deposit to them, we will compensate them additionally..."

Cliff gestured five fingers and said generously, "Five million dollars! What do you think of this amount?
They get paid $500 million for doing nothing.

I think that such a good thing is rarely encountered in the whole world! "

Sun Yanjia looked very embarrassed, and said: "I don't have any friendship with them!
Besides, Singapore is a country of the Commonwealth of Nations, not a country of the Central Commonwealth, so how can there be any friendship to be made?

The acquisition of our Singapore and Hong Kong wealth management business from Barclays Bank is crucial to the internationalization of Yimin Wealth.

Not to mention paying them $500 million in compensation!I think they would not give up even if they paid $1.28 million in double deposit! "

Cliff had an idea, "How about this! Give them the license, and sell the client management assets to UOB and them."

Sun Yanjia was convinced by this boss, and could think of any trick.

"This is illogical, and Yimin Wealth just bought a shell company.

For UOB and the others, receiving customers is also very troublesome.Most importantly, I think clients will definitely have objections to this arrangement.At that time, the customer churn rate is even higher! "

Cliff spread his hands, "This doesn't work, and that doesn't work, so what do you say, what should we do?"

"I have dispatched all the financial planners to try my best to persuade clients to attend the signing meeting organized by Yimin Wealth.

We can only remedy this now to reduce customer churn. "

Cliff sneered, "It doesn't work at all, let's wait for London's punishment this time!"

"Whether it works or not, you have to try it first!"

……

"Mole, we have received the details of 50 customers and have transferred 431 bitcoins to the wallet address you provided.

Check it out! "

A message was sent from the dark web. After reading the message, Li Zixiong quickly logged into his bitcoin account and found that there were 431 more bitcoins.

Based on today’s closing price of $580 per coin, it’s worth just $25!
"Received, happy cooperation!" Li Zixiong typed back on the dark web.

The other party typed again and asked: "Do you have any more detailed information? The more detailed the better, including all personal information of the customer, as well as hobbies, investment preferences, and transaction data in your company.

If there are any, I want them all. It is still the old rule, 5000 US dollars per customer. "

"There are more than 400 more, do you want it?" Li Zixiong replied.

"So many? I only want those who don't attend your company's signing event!" The other party replied.

"They all don't participate in the signing meeting, and won't cooperate with our company. You take these materials to contact one by one, and the conversion rate is absolutely high!"

The other party was silent for a while before asking: "Do you know who we are?"

Li Zixiong smiled, and typed back: "There are some things, there is no need to explain too clearly!"

The other party replied: "Yes, give us all the remaining more than 400!"

Li Zixiong typed: "It's better to trade 50 times! You can also inspect the goods!"

"Alright!"

……

"Mr. Ding, this is Mr. Li Zixiong, the technical director of Barclays."

Sun Yanjia introduced to Ding Siyao, "Mr. Li Zixiong graduated from the National University of Singapore and has many years of experience in technology development and management.

Our company's internal financial data analysis system, customer relationship management system, etc. are all developed and maintained by the technical team led by him. "

Ding Siyao looked at the 30-year-old IT otaku wearing black-rimmed glasses, shook hands with him, and said with a smile, "Hello, Mr. Li! I hope you can give me your advice in my future work!"

"Mr. Ding, if you have something to do, just order it. Our technical department will definitely work hard to complete it."

"Show me the customer database!" Ding Siyao said.

"it is good!"

Li Zixiong turned on the computer, logged into the customer management system, and began to introduce:

"This system includes all personal information of customers, hobbies, investment preferences, and financial transaction data in our company..."

Ding Siyao observed carefully and commented: "The system is pretty good!"

"Hey, who has permission to log in to this system?" Ding Siyao asked again.

Li Zixiong explained: "In order to protect customer privacy and prevent data leakage.

Currently in the company, only the president, vice president, and myself have the authority to view all customer information.

Other financial planners can only view the information of clients under their own names.

If other people want to view all customer information, they need the signature of the president, and I can give the corresponding permission here. "

"Well, the clients we serve are all multi-millionaires and billionaires, so we must keep their information safe."

Ding Siyao added: "Our Yimin Wealth also has a CRM system. In order to facilitate the management of mainland and overseas business, we will use that system uniformly in the future!"

Li Zixiong had no intention of objecting at all, nodded and said, "That's fine too! We will do whatever you tell Mr. Ding to do."

Ding Siyao turned to look at the restless Sun Yanjia again, and asked, "Mr. Sun, why is your mental state not so good?"

"It's okay!" Sun Yanjia waved her hand.

After Li Zixiong resigned, Sun Yanjia looked at Ding Siyao, hesitant to speak.

Ding Siyao noticed something, and asked with a smile: "Mr. Sun, is there something wrong?"

"Mr. Ding, let me tell you the truth! Some of Barclays' clients don't approve of Yimin Wealth, and our client turnover rate is very serious.

I hope, we renegotiate the purchase price! "

Sun Yanjia gritted her teeth, and said so boldly.

"Mr. Sun, are you right? The agreement has been signed. Are you talking about it with me now?"

Ding Siyao put away his smile and said seriously.

"However, the situation reported by the team of financial planners is very bad, and only about 60% of clients are willing to entrust their assets to Yimin Wealth Management.

If calculated according to this attrition rate, we at Barclays will lose a total of 1.08 million US dollars! "

Ding Siyao sighed, "I sympathize with what happened to you! But this loss should not be borne by us.

If Barclays wants to breach the contract, the price will be even more serious, and the double compensation will be 1.28 million US dollars! "

Sun Yanjia's heart is very heavy, and now it is difficult to advance and retreat.

Loss of $1.08 million for non-default and $1.28 million for default!
"Mr. Ding, you can increase the purchase price by another 5000 million US dollars! We will fully cooperate with you in the handover of customers.

You don't want to see the customer churn, do you? "

Ding Siyao laughed out of breath, "Are you threatening us?"

"This is not a threat, this is from the perspective of mutual benefit."

Ding Siyao waved his hand, "Boss Sun doesn't need to talk about it, let's just buy a shell company!"

"If this is the case, then I'm sorry, we can only breach the contract!"

Sun Yanjia said coldly.

(End of this chapter)