Postal Savings Bank of China
Native name
中国邮政储蓄银行
Typelisted
FoundedMarch 6, 2007 (2007-03-06)
HeadquartersNo. 3 Financial Street, Xicheng District, Beijing, PRC
Key people
President Lu Jiajin
Chairman Li Quohua
OwnersChina Post Group 68.92%
Websitepsbc.com
Postal Savings Bank of China Co., Ltd.
Simplified Chinese中国邮政储蓄银行股份有限公司
Traditional Chinese中國郵政儲蓄銀行股份有限公司
Postal Savings Bank of China
Simplified Chinese中国邮政储蓄银行
Traditional Chinese中國郵政儲蓄銀行
Second alternative Chinese name
Simplified Chinese邮储银行
Traditional Chinese郵儲銀行
A branch of Postal Savings Bank of China
A branch of Postal Savings Bank of China in Shanghai

Postal Savings Bank of China Co., Ltd. also known as PSBC is a commercial retail bank founded in 2007 and headquartered in Beijing. It provides basic financial services, especially to small and medium enterprises, rural[1] and low income customers. As of 31 December 2017, PSBC has 39,798[2] branches covering all regions of China.

PSBC was set up with an initial capital of RMB20 billion in 2007 from the State Post Bureau. Today it has RMB1.5 trillion in deposits and the second largest number of branches, after the Agricultural Bank of China.

During the Global Financial Crisis, the government took several measures to spread its national economic stimulus plan specifically to rural areas. This included using microfinance services provided by the Postal Savings Bank as a tool for national development and poverty reduction. The bank with its extremely broad reach also assists China's credit cooperatives in their microcredit schemes.

On 8 December 2015, China Postal Savings Bank, through issuing pro-float stock, received an injection of investment from the Temasek Holdings of Singapore, UBS, the Canada Pension Plan Investment Board, the International Finance Corporation, Morgan Stanley, DBS Bank, Tencent, Ant Financial Services Group, China Life and China Telecom, with a total investment of 45.1 billion yuan. These "strategic investors" together held a 16.92% stake in the company at the time of purchase. The stock was listed through an initial public offering on the Stock Exchange of Hong Kong on 30 September 2016. Prior to its listing, it was the largest unlisted Chinese bank.[3]

Xuewen Zhang and Hong Lao serve as Vice presidents of the bank and co-executive directors.

See also

References

  1. ↑ Ying, Chen. "Introduction of the Postal Savings Bank of China" (PDF). Retrieved 18 March 2019.
  2. ↑ "Company Overview of Postal Savings Bank of China Co., Ltd". www.bloomberg.com. Retrieved 18 March 2019.
  3. ↑ "China Postal Bank raises $7bn from local and overseas investors". Financial Times. 9 December 2015.
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