"What? You said that after the delivery process is completed, more than 30% of the customers may be lost?"
Cliff was furious in the office after listening to Sun Yanjia's report.
"Based on the acquisition price of US$320 million, wouldn't we lose at least US$96 million?"
Sun Yanjia replied: "Not entirely, according to the terms of the supplementary agreement:
Our Singapore full asset management license includes: securities trading, futures contract trading, leveraged foreign exchange trading, corporate finance 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 licenses No. 1, 4 and 9, including three business licenses: securities trading, providing advice on securities, and asset management.
The financial licenses in the two places and the employee team have given us a separate valuation of US$50 million.
Therefore, the assessed value of the client's assets under management is US$270 million.
The loss of 30% of customers is equivalent to a loss of US$81 million in the final delivery price."
Cliff's face darkened and he said, "Sun, I don't care what you think of, you must ensure that the purchase price of US$320 million is not lowered."
“When the group sold this part of its wealth management business, it should have anticipated such consequences.
If customers are unwilling to entrust their assets to Yimin Wealth Management, we can’t force them at gunpoint!”
Cliff said with a cold face: "Sun, pay attention to your attitude. What has happened has happened, what we need is remedy, not endless complaints and escapes!
The group does allow 10% of customers to lose, but the loss rate exceeds 30%. I believe it will be difficult for you and me to explain to London."
Sun Yanjia didn't say anything. She also knew that there would be no good consequences if things got messed up. As a Singaporean, it was not certain that she would 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 our business to Yimin Fortune. They are not the most suitable acquirer, at least for us."
"But they had the highest bid! Except for the US$320 million they were willing to pay, UOB and DBS were not even willing to pay more than US$300 million."
Cliff smiled coldly, "Those guys are very cunning. Our financial license is redundant and wasted for them.
But for Yimin Wealth, it’s different!”
Sun Yanjia nodded, that was indeed the case. Yimin Fortune, an outsider, was willing to offer a higher purchase price because it did not have a financial license.
"But we made a very stupid decision, which was to sell the business to Yimin Wealth."
Sun Yanjia was confused and asked: "Why do you say that?"
Cliff shook his head and sighed: "Yimin Wealth has no reputation or foundation in Southeast Asia or even Hong Kong, which is the biggest reason for the loss of customers.
If it were sold to UOB or DBS, the churn rate might be much lower."
Sun Yanjia believes that this view does have some truth. Compared with Yimin Wealth, several other buyers are much stronger and more famous.
"In order to sell an extra 20 to 30 million US dollars, we lost more than 80 million US dollars. Maybe... we will also lose some customers at the signing meeting, and the loss will be even greater."
Sun Yanjia blurted out: "No way! We have already lost 30%, is it possible that there is still a loss?
Since customers have come all the way to attend the signing meeting, they must all agree with Yimin Wealth!"
Cliff shrugged and said, "That's not necessarily true. Who knows what they are thinking?"
"Sun, what do you think...how about we change the buyer?"
Sun Yanjia shook her head heavily and said: "President Cliff, we have signed a formal contract with Yimin Wealth.
If we unilaterally declare a breach of contract now, we will not only make Barclays a joke, but we will also have to compensate Yimin Wealth for double the liquidated damages of the US$64 million deposit we paid."
"You are all Chinese, don't you care about incense and love? You should be able to negotiate with Yimin Wealth, right?
Let’s get together and part ways with them. In addition to refunding them the deposit of US$64 million, we will also compensate them additionally..."
Cliff pointed his five fingers and said generously: "Five million dollars! What do you think of this number?
They did nothing and received $5 million in compensation.
I think there are very few such good things in the world!"
Sun Yanjia looked very embarrassed and said: "I don't have any friendship with them!
Besides, Singapore is a Commonwealth country, not a Commonwealth country, so how can we have any friendship?
The acquisition of our Barclays Bank's wealth management business in Singapore and Hong Kong is crucial to Yimin Wealth's internationalization.
Not to mention paying them US$5 million in compensation! I think even if they are compensated with double the deposit of US$128 million, they are not willing to give up!”
Cliff suddenly had an idea, "How about this! Give them the license and sell the customer management assets to UOB."
Sun Yanjia was convinced by her boss and could think of any tricks.
"This is illogical. For Yimin Wealth, they just bought a shell company.
For UOB, it is also very troublesome to accept customers. The most important thing is, I think customers will definitely have objections to this arrangement. By then, the customer churn rate will be even higher!"
Cliff spread his hands, "This won't work, that won't work either, so what do we do?"
“I have sent out the entire team of financial planners and tried to persuade as many customers as possible to attend the signing meeting of Yimin Wealth Organization.
We can only remedy this now by reducing the customer churn rate."
Cliff sneered, "It won't work at all. Let's just 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 indeed 431 more Bitcoins.
Based on today’s closing price of US$580 per coin, the value is just US$250,000!
"Received, happy cooperation!" Li Zixiong typed a reply on the dark web.
The other party typed again and asked: "Do you have any detailed information? The more detailed the better, including all the customer's personal information, hobbies, investment preferences, and transaction data in your company."
If there are any, I want them all. I still follow the old rules, $5,000 per customer."
"There are more than four hundred, do you want them?" Li Zixiong replied.
"So many? I only want those people who don't attend your company's signing meeting!" the other party replied.
"They will not participate in the signing meeting and will not cooperate with our company. If you take these information and contact them one by one, the conversion rate will definitely be very high!"
The other party was silent for a while and then asked: "Do you know who we are?"
Li Zixiong smiled and typed back: "There are some words that don't need to be explained clearly!"
The other party replied: "Okay, give us all the remaining 400 or so!"
Li Zixiong typed: "Let's trade 50 pieces at a time! You can also inspect the goods!"
"That's fine!"
…
"Mr. Ding, this is Mr. Li Zixiong, our technical director at 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 his technical team."
Ding Siyao looked at the *** in front of him, a thirty-year-old IT geek, shook hands with him, and said with a smile: "Hello, Mr. Li! I hope you can give me more advice in my future work!"
"Mr. Ding, if you have anything to do, just ask us. Our technical department will work hard to complete it."
"Take me to see the customer database!" Ding Siyao said.
"good!"
Li Zixiong turned on his computer, logged into the customer management system, and began to introduce:
"This system includes all the customer's personal information, interests and hobbies, investment preferences, and financial transaction data in our company..."
Ding Siyao observed it carefully and commented: "The system is quite good!"
"Hey, who has the permission to log in to this system?" Ding Siyao asked again.
Li Zixiong explained: “To protect customer privacy and prevent data leakage.
Currently, only three people in the company, the president, vice president and myself, have the authority to view all customer information.
Other financial planners can only view customer information under their own names.
If others want to view all customer information, they need the signature of the president before I can grant the corresponding permissions."
"Well, the clients we serve are all multi-millionaires and billionaires, so we must keep their information safe."
Ding Siyao added: "We at Yimin Wealth also have a CRM system. In order to facilitate the management of mainland and overseas business, we will use that system in the future!"
Li Zixiong showed no objection at all, nodded and said: "That's okay! We will do whatever you tell us, Mr. Ding."
Ding Siyao turned to look at Sun Yanjia, who was a little uneasy, and asked, "Mr. Sun, why are you not in a good mental state?"
"It's okay!" Sun Yanjia waved her hand.
After Li Zixiong resigned, Sun Yanjia looked at Ding Siyao, as if he was 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' customers don't quite recognize Yimin Wealth, and our customer churn rate is very serious.
I hope we can renegotiate the purchase price!"
Sun Yanjia gritted her teeth and said these words bravely.
"Mr. Sun, are you right? This agreement has been signed. Now you are talking to me about this?"
Ding Siyao put away her smile and said seriously.
“But the situation reported by the financial planner team is very bad. Only about 60% of the customers are willing to entrust their assets to Yimin Wealth Management.
If calculated based on this churn rate, Barclays will lose a total of US$108 million!"
Ding Siyao sighed, "I sympathize with your experience! But this loss should not be borne by us.
If Barclays wants to breach the contract, the price will be even more serious, with double compensation of US$128 million!"
Sun Yanjia is in a heavy mood, and it is difficult to advance or retreat.
The loss if not breach of contract is US$108 million, and the loss if breach of contract is US$128 million!
"Mr. Ding, please increase the purchase price by another US$50 million! We will fully cooperate with you in customer handover.
You don’t want to see all your customers lose, right?”
Ding Siyao laughed angrily, "Are you threatening us?"
"This is not a threat, this is from a win-win perspective for both parties."
Ding Siyao waved her hand, "There's no need to talk, Mr. Sun. The worst we can do is buy a shell company!"
"If that's the case, then I'm sorry, we can only break the contract!"