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) 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.
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