Postal Savings Bank of China

Post office in Shanghai offering postal savings services

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 SMEs, 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.

Duriing 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.

See also

• Postal savings system

External links

• http://www.psbc.com/ - official website

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