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 In general, a rural area or a countryside is a geographic area that is located outside towns and cities. Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry typically are descri ...

and

low income Poverty is the state of having few material possessions or little

income

customers. As of December 31, 2017, PSBC has 39,798 branches covering all

regions of China {{Cat main, List of regions of China Geography of China Administrative divisions of China China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and dependencies by p ...

. PSBC was set up with an initial capital of RMB20 billion in 2007 from the

State Post Bureau The State Post Bureau is the government agency that regulates China Post, the postal service of the People's Republic of China. The agency used to report to the Ministry of Industry and Information Technology and is now under the administratio ...

. Today it has RMB1.5 trillion in deposits and the second largest number of branches, after the

Agricultural Bank of China Agricultural Bank of China (ABC), also known as AgBank, is one of the " Big Four" banks in China. It was founded on 10 July 1951, and has its headquarters in Dongcheng District, Beijing. It has branches throughout mainland China, Hong Kong, ...

. During the

Global Financial Crisis Global means of or referring to a globe and may also refer to: Entertainment * ''Global'' (Paul van Dyk album), 2003 * ''Global'' (Bunji Garlin album), 2007 * ''Global'' (Humanoid album), 1989 * ''Global'' (Todd Rundgren album), 2015 * Bruno ...

, the government took several measures to spread its national economic stimulus plan specifically to

rural areas In general, a rural area or a countryside is a geographic area that is located outside towns and cities. Typical rural areas have a low population density and small settlements. Agricultural areas and areas with forestry typically are describ ...

. This included using microfinance services provided by the Postal Savings Bank as a tool for national development and

poverty reduction Poverty reduction, poverty relief, or poverty alleviation, is a set of measures, both economic and humanitarian, that are intended to permanently lift people out of poverty. Measures, like those promoted by Henry George in his economics cl ...

. 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 Temasek Holdings (Private) Limited, or simply Temasek, is a Singaporean state holding company owned by the Government of Singapore. Incorporated on 25 June 1974, Temasek owns and manages a total of US$496.59 billion (S$671 billion) in assets u ...

of Singapore, UBS, the Canada Pension Plan Investment Board, the

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Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...

DBS Bank DBS Bank Limited, often known as DBS, is a Singaporean multinational banking and financial services corporation headquartered at the Marina Bay Financial Centre in the Marina Bay district of Singapore. The bank was previously known as The De ...

Tencent Tencent Holdings Ltd. () is a Chinese multinational technology and entertainment conglomerate and holding company headquartered in Shenzhen. It is one of the highest grossing multimedia companies in the world based on revenue. It is also the wo ...

Ant Financial Services Group Ant Group ()'','' formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 millio ...

, China Life and

China Telecom China Telecom Corp., Ltd. is a Chinese telecommunications company. It is one of the red chip listed companies of state-owned China Telecommunications Corporation. Its H shares have been traded on the Stock Exchange of Hong Kong since 15 Nove ...

, 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 An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investme ...

on the Stock Exchange of Hong Kong on September 30, 2016. Prior to its listing, it was the largest unlisted Chinese bank. Xuewen Zhang and Hong Lao serve as Vice Presidents of the bank and co-executive directors.

References

External links

official website
{{Hang Seng China Enterprises Index Companies listed on the Hong Kong Stock Exchange Banks of China Microfinance organizations Banks established in 2007 China Post 2016 initial public offerings Postal savings system 2007 establishments in China

See also

References

External links