Summary
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. IPSBC was ranked #27 in Forbes Global 2000 in 2023.[3]
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 Headquarters in Beijing, China | |
Native name | 中国邮政储蓄银行 |
|---|---|
| Company type | listed |
| Founded | March 6, 2007 |
| Headquarters | No. 3 Financial Street, Xicheng District, Beijing, PRC |
Key people | President Lu Jiajin Chairman Li Quohua |
| Owners | China Post Group 68.92% |
| Website | psbc.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 | ||
| |||
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.[4]
In 2022, Postal Savings Bank Of China served about 600 million personal customers having about 40,000 about 40,000 outlets and services.[5]
Xuewen Zhang and Hong Lao serve as Vice presidents of the bank and co-executive directors.
See also edit
References edit
- ^ Ying, Chen. "Introduction of the Postal Savings Bank of China" (PDF). Retrieved 18 March 2019.
- ^ "Company Overview of Postal Savings Bank of China Co., Ltd". www.bloomberg.com. Retrieved 18 March 2019.
- ^ "The Global 2000 2023". Forbes. Archived from the original on 29 January 2024. Retrieved 7 February 2024.
- ^ "China Postal Bank raises $7bn from local and overseas investors". Financial Times. 9 December 2015.
- ^ "Postal Savings Bank of China". AsianBusinessReview. Archived from the original on 2 October 2022. Retrieved 8 February 2024.
External links edit
- official website