China Post talks up PSBC
As the Postal Savings Bank of China (PSBC) prepares for its listing on the Hong Kong exchange later this year, China Post has been extolling the value of its banking arm. In two separate statements published on its website today (2o July) China Post:
- relayed the information that “PSBC ranked 22nd on the list of Top 1,000 World Banks 2016 released by The Banker magazine on July 1 for its total assets of 7.3 trillion yuan (U.S.$1.09 trillion)”;
- and announced that PSBC “recently passed Capability Maturity Model Integration (CMMI) DEV ML3 appraisal, showing that the maturity level of its independent R&D capability and project management capacity have reached new heights and that it has begun to integrate with mainstream international standards”.
In its announcement about The Banker ranking, China Post added: “PSBC had more than 40,000 branches by the end of this March that cover all cities and 99% of counties in China. With more than 500 million individual customers, the bank serves one-third of the population of China.
“PSBC has a total deposit of 6.7 trillion yuan (U.S.$ 1 billion) and a total loan of 2.7 trillion yuan (U.S.$403.8 billion), showing its inclusive financial development and strategic position as a large retail bank.”
As previously reported, PSBC filed for an initial public offering (IPO) on the Hong Kong exchange in early July and sources have reported that listing will probably take place sometime in September. PSBC is reportedly looking to raise about $8bn – placing the value of the bank at round $50bn.
