"What? You said that you could lose more than 30% of your customers after the closing process is completed?"

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

"Based on the purchase price of $320 million, wouldn't we lose at least $96 million?"

Sun Yanjia replied: "Not exactly, 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 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 Type 1, 4 and 9 licenses, including dealing in securities, advising on securities, and asset management.

The financial licenses in both places, together with the staff team, gave us a separate valuation of $50 million.

So, the appraised value of the client's assets under management is $270 million.

Losing 30% of our customers equates to a loss of $81 million in the final delivery price. ”

Cliff's face darkened, and he said, "Sun, no matter what you think, I must ensure that the purchase price of $320 million will not be lowered." ”

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

Customers are not willing to entrust assets to Yimin Wealth Management, and we can't force them with guns!"

Cliff said with a cold face, "Sun, pay attention to your attitude. Things have happened, and what we need is remedy, not endless whining and evasion!

The group does allow 10% of customers to churn, but the churn rate is over 30%, and I'm sure it's hard for you and I to explain it to London. ”

Sun Yanjia didn't speak, she also knew that things were messed up and there was no good fruit to eat, and as a Singaporean, it was not necessarily that she would be punished more severely.

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

Cliff thought for a moment and said, "Maybe we shouldn't have sold our business to Yimin Wealth, they weren't the most suitable buyer, at least for us." ”

In addition to the $320 million they were willing to offer, UOB and DBS were not even willing to offer more than $300 million. ”

Cliff smiled coldly, "Those guys are cunning. Our financial licenses are redundant and wasteful for them.

But for Yimin Wealth, it's different!"

Sun Yanjia nodded, it is true, Yimin Wealth, an outsider, is willing to give a higher purchase price because he does not have a financial license.

"But we made a very stupid decision, which was 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 UOB or DBS, the churn rate may be much lower. ”

Sun Yanjia believes that there is some truth in this view, compared with Yimin Wealth, several other buyers are much stronger and more famous.

"We lost more than $80 million in order to sell that extra $20 million, maybe ...... There will also be some loss of customers at the signing meeting, and the loss will be even greater. ”

Sun Yanjia blurted out and said: "No, it's all lost, is it possible to lose 30%?"

Since the customers have come all the way to participate in the signing meeting, they should all agree with Yimin Wealth!"

Cliff shrugged and said, "Not necessarily, who knows what they think?"

"Sun, you say...... 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 default, it will not only make Barclays a joke, but also compensate Yimin Wealth for double the liquidated damages paid to us for the $64 million deposit. ”

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

We got together with them and gave them a $64 million deposit to be refunded, and then compensated them......"

Cliff gestured five fingers and said generously, "$5 million!"

If they don't do anything, they can get $5 million in compensation.

I don't think it's ever happened in the whole world like this!"

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 there be any friendship?

The acquisition of Barclays' wealth management business in Singapore and Hong Kong is crucial to the internationalisation of Yimin Wealth.

I don't think they would give up even if they paid $128 million for a double deposit!"

Cliff had an idea, "It's better to give them the license, and the client's assets under management are sold to UOB." ”

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

"It's not logical, for Yimin Wealth, it bought a shell company.

For UOB, customer acceptance is also a hassle. Most crucially, I think the client will definitely have a problem with this arrangement. When the time comes, the churn rate will be higher!"

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

"I have sent out all the financial planner teams to persuade all the clients to participate in the signing meeting of Yimin Wealth Organization as much as possible.

That's all we can do now, reduce churn. ”

Cliff sneered, "You don't work at all, we'll wait for London's punishment this time!"

"It doesn't work, you have to try it first!"

……

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

Check it out!"

A message came from the dark web, and Li Zixiong quickly logged in to his Bitcoin account after reading the message, and found that there were indeed 431 more bitcoins.

At today's closing price of $580 per coin, it is worth just $250,000!

"Received, happy cooperation!" Li Zixiong replied by typing on the dark web.

The other party typed and asked, "Are there any more details?" The more detailed the better, including all the personal information of the customer, as well as hobbies, investment preferences, and transaction data in your company.

If there is, I want it all, it's still the old rule, $5,000 a customer. ”

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

"So many, I just don't want to be the ones at your company's signing party!" replied.

"They don't participate in the signing meeting, and they won't cooperate with our company. You guys take these materials and contact them 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 words, there is no need to say them too clearly!"

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

Li Zixiong typed: "Let's make 50 transactions at a time! You can also inspect the goods!"

"It's good!"

……

"Mr. Ding, this is Mr. Li Zixiong, our technical director at Barclays. ”

Sun Yanjia introduced 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 ****** in front of him, an IT otaku about thirty years old, shook hands with him, and said with a smile: "Hello Mr. Li!

"Mr. Ding, if you have something to order, our technical department will work hard to complete it. ”

"Take me to the customer's database!" Ding Siyao said.

"Good!"

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

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

Ding Siyao took a closer look and commented: "The system is pretty good!"

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

Li Zixiong explained: "In order to protect the privacy of customers and prevent data leakage.

At present, only the president, vice president and myself have the right to view all customer information.

Other financial planners can only view the information of customers under their own name.

If someone else wants to view all customer information, they need to be signed by the president, and I can give the corresponding permission. ”

"Well, the clients we serve are multimillionaires and billionaires, and it is important to keep their information safe. ”

Ding Siyao said: "We also have a CRM system for Yimin Wealth, in order to facilitate the management of mainland and overseas business, we will use that set in the future!"

Li Zixiong didn't object at all, nodded and said, "It's okay! ”

Ding Siyao turned her head to look at Sun Yanjia, who was a little uncertain, and asked, "Mr. Sun, why is your mental state not very good?"

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

After Li Zixiong retreated, Sun Yanjia looked at Ding Siyao, looking like she wanted to speak and stopped.

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

"Mr. Ding, I'll tell you the truth! Some of Barclays' customers don't recognize Yimin Wealth, and our customer churn rate is very serious.

I hope we renegotiate the purchase price!"

Sun Yanjia gritted her teeth and said such a thing hard.

"Mr. Sun, you're not wrong, right? This agreement has been signed, and you are talking to me about this now?"

Ding Siyao put away her smile and said seriously.

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

If we were to use this attrition rate, we at Barclays would have lost a total of $108 million!"

Ding Siyao sighed, "I sympathize with your plight! But this loss should not be borne by us."

If Barclays wants to default, the cost will be even more serious, and the double compensation is $128 million!"

Sun Yanjia is in a heavy mood, and now it is difficult to advance and retreat.

The loss of non-default is 108 million US dollars, and the default loss is 128 million US dollars!

"Mr. Ding, you should raise the purchase price by another 50 million US dollars! We will fully cooperate with you to do a good job in customer handover.

You don't want to see customers run out, do you?"

Ding Siyao smiled angrily, "Are you threatening us?"

"It's not a threat, it's a win-win situation for both sides. ”

Ding Siyao waved his hand, "Mr. Sun doesn't have to talk about it, let's buy a shell company!"

"If that's the case, then I'm sorry, we have to break the contract!"

Sun Yanjia said coldly.