Tag: China Post Group

China Post Group gets go-ahead to set up life insurance company

China Post Group, the business entity in charge of mail, delivery services and postal saving banks, has been approved by the country’s insurance regulator to set up a life insurance company.

Feng Xinsheng, executive deputy general manager of the group, said here on Saturday the company to-be, named as China Post Life Insurance Company Limited, will be launched within a year.

The insurance company would be registered in Beijing with a register capital of 500 million yuan (72.46 million U.S. dollars),Feng said.

He said the new company would mainly target farmers, low-income urban residents and migrant workers in cities.

Experiences of the group as agents of insurance sales would surely help in building such an insurance company, he added.

China Post Group was established in December 2006 to separate the regulatory functions of the former State Post Bureau (SPB) from its business activities.

SPB was traditionally both the supervisor and a player in the market.

The CPG, after the separation, owns the China Postal Air Freight Corporation and the China Postal Savings Bank and controls EMS services merged with the China Postal Logistics Corporation.

Feng said deposits at the China Postal Savings Bank, inaugurated in March 2007, had reached 1.8 trillion yuan by the end of May. The bank is more recognized as a community bank or rural bank with extensive outlets across the nation, especially in the countryside.

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China Post Group approved to set up life insurance unit

China Post Group, a 10 bln-usd company formed out of the State Postal Bureau, said it has won regulatory approval to set up a life insurance unit.

In a recruitment advertisement published on the Renmin University of China website, the company said it received the approval from the China Insurance Regulatory Commission (CIRC) in June.

However, the CIRC declined to provide comment when contacted by XFN-Asia.

China Post can operate its insurance business through the country’s comprehensive postal network.

The group already has a 50-50 insurance joint venture, Sino-French Life Insurance Co Ltd, with France’s CNP Assurances.

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China's Postal Savings Bank Opens For Business In Beijing

Postal Savings Bank of China opened for business Tuesday in Beijing, allowing the country’s fifth-largest bank by deposits to expand its lending after years of being the deposit-taking arm of the state postal service. The bank, which has a network of 36,000 outlets attached to the postal network, is fully owned by China Post Group. The State Council, China’s highest administrative body, created China Post Group in August by separating the business and regulatory functions of the country’s postal system. In a statement published in government-backed newspapers and on its Web site, Postal Savings Bank said: “We will rely on and make full use of the postal savings network to improve our ability to provide financial services to cities and the countryside.” The China Banking Regulatory Commission has said the bank should focus on lending to rural clients. The CBRC allowed the bank to begin trial lending projects last year.

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Deputy PM hails China's postal reform success

Chinese Vice-Premier Huang Ju has urged the country’s postal sector to deepen reforms and adopt an enterprising approach to better serve the public and the country’s economic and social development.

The establishment of the CPG and SPMB marked the separation of the regulatory functions of the former State Post Bureau (SPB) from its business activities.

Liu Andong, former director of SPB, has been appointed general manager of CPG, and Ma Junsheng, former deputy director of SPB, has been named to head the SPMB.

The separation of the SPB’s regulatory functions from its business activities has been carried out in accordance with the postal system reform scheme issued by the State Council in August 2005.

The SPMB will mainly perform government functions and supervise the postal sector in accordance with state laws. The CPG, a state-solely-owned firm with a registered capital of 80bn yuan (about 10bn US dollars), will reform postal and postal savings services.

Traditionally both a supervisor and a player in the market, SPB was placed in a difficult position when more and more companies, including overseas delivery firms, began to compete in the country’s lucrative postal market.

Experts said that China had taken a key step forward in the reform of its postal system, but still needs to reform provincial-level postal bureaus, separate basic postal services from competitive businesses, and define the operations of subsidiaries.

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China to create fifth largest bank from postal savings system

China has approved a plan to turn the nation’s huge postal savings system into a bank, which is set to become the nation’s fifth largest lender, the China Daily reported.

The approval for the China Postal Savings Bank to start operations was given by the China Banking Regulatory Commission, the newspaper said.

The bank will be wholly owned by the China Post Group, a 10 bln usd company formed out of the State Post Bureau, formally both the supervisor and a major player in postal services, the China Daily said, citing the commission.

‘China Postal Savings Bank will focus on developing retail and intermediary businesses, to offer basic financial services for residents,’ the newspaper quoted a statement of the commission as saying.

In 2005, there were more than 36,000 postal savings outlets across the country, with two thirds of them distributed in rural areas.

Post offices in China started postal savings services in 1986 but they could only accept deposits from the public and not offer loans, the report said.

The deposit balance of post savings recorded 1.3 trln yuan (166 bln usd) by the end of 2005, accounting for nearly 10 pct of China’s household savings.

The biggest four lenders in China are the Industrial and Commercial Bank of China, the China Construction Bank, the Bank of China and the Agricultural Bank of China.

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