POSTAL SAVINGS BANK OF CHINA Co.,Ltd.

Postal Savings Bank of China Limited

On January 21, 2012, with the consent of the State Council, China Postal Savings Bank Co., Ltd. was changed into China Postal Savings Bank Co., Ltd. The registered capital of Postal Savings Bank of China Limited is RMB 47 billion. On January 23, 2015, CBRC agreed to change the registered capital of postal savings bank from RMB 47 billion to RMB 57 billion.

Company profile

According to the announcement, China Postal Savings Bank Co., Ltd. has inherited all the assets, liabilities, institutions, businesses and personnel of China Postal Savings Bank Co., Ltd. since its establishment. The existing business institutions, trademarks, Internet domain names and consulting service telephone of the postal savings bank of China Limited remain unchanged, which shall continue to be used by the joint-stock company, and all businesses shall proceed as usual. The customer does not need to go through any change procedures.

Establishment of the company

China Postal Savings Bank Co., Ltd. is a large retail commercial bank serving "agriculture, rural areas and farmers", small and medium-sized enterprises and urban and rural residents. The postal savings bank of China was formally established on March 20, 2007. It is a commercial bank established on the basis of reforming the postal savings management system. The bank inherits the postal financial business operated by the former state post office and China Post Group Corporation and the resulting assets and liabilities. The share reform of Postal Savings Bank of China was approved on December 31, 2011, and officially renamed as "postal savings bank of China Limited" on January 21, 2012.

Company history

On December 10, 2019, the A shares of China Postal Savings Bank Co., Ltd. were listed and traded on the Shanghai Stock Exchange.

Business events

For some illegal behaviors of postal savings bank, such as issuing breakeven commitment for non breakeven financial products and issuing financial investment list inconsistent with the facts, the CIRC fined 45.5 million yuan in accordance with the law

The Consumer Protection Bureau of China Banking Regulatory Commission issued Circular No. 13 of 2020 on consumer complaints of banking industry in the third quarter of 2020 (hereinafter referred to as the circular). Postal savings bank, industrial and Commercial Bank of China and China Construction Bank are among the top three large commercial banks in terms of the number of complaints about financial services.

According to the "anti money laundering punishment notice [2020] No. 1" issued by Jinan Branch of the people's Bank of China, Shandong Branch of the postal savings bank of China violated the anti money laundering law of the people's Republic of China for several times from January 1, 2018 to June 30, 2019, and was fined 4.65 million yuan in total.

According to the information disclosure form of administrative punishment released by Jiangsu Banking and Insurance Regulatory Bureau, the poor internal control management of Jiangsu Branch of China Postal Savings Bank Co., Ltd. led to the double record rectification of several institutions under its jurisdiction, which violated the regulatory provisions and was fined 400000 yuan.

Hengyang Branch of Postal Savings Bank of China Limited was fined 50000 yuan for cheating the insured.

According to the website of China Banking and Insurance Regulatory Commission, on June 28, Qinghai banking and Insurance Regulatory Bureau issued an information disclosure form of administrative punishment, which showed that Qinghai Branch of China Postal Savings Bank Co., Ltd. had misguided sales and was ordered to correct and fined 250000 yuan.

According to the ticket disclosed on the official website of the CIRC on the 17th, the branch of China Postal Savings Bank Co., Ltd. in tumetzuoqi was fined 50000 yuan for cheating the insured.

According to the administrative punishment decision issued by the CIRC on March 18, the postal savings bank has the following behaviors: the implementation of the traceability system is not in place, the traceability basic management is not in place, the traceability video data is not transmitted or missing, and the unqualified business is relatively high; the Rudong County branch of the postal savings bank has the behavior of cheating the policyholder. In response, the CIRC decided to impose a fine of 500000 yuan on the head office of postal savings bank and 300000 yuan on Rudong County branch of postal savings bank.

According to the website of the China Banking and Insurance Regulatory Commission, on December 11, Pingxiang branch of the postal savings bank of China (PSBC) released an information disclosure form on administrative penalties, which showed that the post loan management of the branch was not in place, and personal consumer loans flowed into the stock market, resulting in a fine of 300000 yuan.

The Hainan Branch of the postal savings bank of China was fined 200000 yuan, according to the announcement form of the bank's disclosure of administrative penalty information on the 4th, according to the website of the central bank's Haikou Central Branch. According to the administrative punishment decision No. 7 of Qiongyin penalty, the illegal behavior of Hainan Branch of postal savings bank is that it fails to perform the customer identification obligation in accordance with the regulations.

According to the website of China Banking and Insurance Regulatory Commission, on December 15, Sanmenxia branch of Henan banking and Insurance Regulatory Bureau released an information disclosure form of administrative punishment, which showed that Sanmenxia branch of postal savings bank had committed illegal acts of issuing fixed asset loans with insufficient capital ratio and failed to implement withdrawal conditions, and was fined 300000 yuan.

Zhenjiang Branch of China Postal Savings Bank Co., Ltd. was fined 550000 yuan for failing to effectively supervise the use of loans and personal business loans were used as down payment for house purchase, according to the information disclosure form of administrative punishment released by Zhenjiang bank insurance supervision branch.

According to the website of the Fujian Insurance Regulatory Commission, in December 28th, the information disclosure form of the administrative penalty information released by the banking regulatory bureau of the Fujian revealed that the postal savings bank of Fujian branch had a personal loan investigation before the loan, and a breach of duty after the loan, which was fined 500 thousand yuan.

Company honor

On July 10, 2019, the Fortune 500 list was released, and China Postal Savings Bank Co., Ltd. ranked 37th.

On November 19, 2019, the list of Asian financial competitiveness in 2019 was announced, and China Postal Savings Bank Co., Ltd. won the "outstanding retail bank in Asia in 2019" award and "outstanding financial technology bank in 2019" award.

On July 27, 2020, the postal savings bank of China Co., Ltd. ranked 36th in the Fortune 500 list of China in 2020.

In November 2020, it was rated as the national advanced collective of internal audit from 2017 to 2019 by China Internal Audit Association.

On January 29, 2021, it was awarded the title of "advanced unit of model organs created by central and state organs".

administrative sanction