Postal Savings Bank of China

Postal savings bank of China
A branch of Postal Savings Bank of China in Shanghai

Postal Savings Bank of China (PSBC) (中国邮政储蓄银行, SEHK: 1658) is a commercial retail bank, which provides basic financial services, especially to small and medium enterprises, rural and low income customers. PSBC has 40,000 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 RMB1.5billion 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 December 8, 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 September 30, 2016. Prior to its listing, it was the largest unlisted Chinese bank.[1]

See also

References

  1. ↑ "China Postal Bank raises $7bn from local and overseas investors". Financial Times. December 9, 2015.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.