Postal Savings Bank of China report deposits of over 2 trln yuan

The deposit levels make the relative newcomer to the banking sector the fourth largest financial institution in terms of deposits.

The Postal Savings Bank of China had outstanding deposits of over 2 trln yuan at the end of 2008, the official Xinhua news agency reported, citing the bank’s Vice President Yao Hong.

The deposit levels make the relative newcomer to the banking sector the fourth largest financial institution in terms of deposits, after ICBC, Agricultural Bank of China and China Construction Bank, Yao said.

Meanwhile, the bank issued about 270 mln bank cards as of the end of 2008, Yao added.

Postal Savings, spun off from the banking operations of the state postal bureau with registered capital of 20 bln yuan, opened for business in March 2007.

It has more than 36,000 outlets across the country, of which more than two-thirds are in rural areas, making it the largest rural financial network in China.(1 usd = 6.85 yuan)