The China Post Group will assist the new postal bank through its 36,000 outlets nationwide.
The transferal of the group’s large network of savings accounts into the China Postal Savings Bank (CPSB) will give the new bank the status of being the fifth largest bank by deposits in the region.
According to The Standard, the China Banking Regulatory Commission (CBRC) said that the new bank will concentrate on retail banking and intermediary services, with a strong emphasis on serving its rural customers. As a result, the bank will set up a new department specifically for rural financial services.
The financial costs of the bank’s establishment remain disclosed.