POSTAL SAVINGS BANK OF CHINA GO., LTD.

China
Asia Pacific

https://www.psbc.com/

Industry:Banking
Date joined:17 May, 2021
Initiatives:Principles for Responsible Banking

The postal savings business in China can be traced back to its start in 1919 with a history of over one hundred years. In March 2007, based on the reform of the previous postal savings management system, Postal Savings Bank of China Limited was officially established. In January 2012, the Bank was transformed into a joint stock limited liability company. In December 2015, the Bank introduced ten strategic investors from home and abroad. In September 2016, it went public and was listed on the Hong Kong Stock Exchange. In December 2019, it was listed on the Shanghai Stock Exchange.

With approximately 40,000 outlets and services covering over 600 million personal customers, the Bank strategically focuses on providing financial services to Sannong customers, urban and rural residents and SMEs and is committed to meeting the financial needs of the most promising customers during China’s economic transformation. In addition, the Bank is accelerating its transformation towards a new retail bank featuring data-driven, channel coordination, interaction between wholesale and retail as well as efficient operation. It has shown its superior asset quality and significant development potential, and is a leading retail bank in China.

The Bank is committed to serving the real economy, actively implementing the national development strategy and supporting the development of the modern economic system of China, and strives for sustainable development. It continues to follow the principle of “covering both urban and rural areas and delivering services to the broad public”, and actively fulfills its social responsibilities in fields of inclusive finance, green finance, and targeted poverty alleviation.

After 14 years of dedicated efforts, the Bank has been playing an increasingly important role in the market with marked influence. In 2020, it ranked 22nd in The Banker’s list of “Top 1000 World Banks” in terms of tier 1 capital. It has been rated A+ and A1 this year by Fitch Ratings and Moody’s Investors Service respectively, which are the same as China’s sovereignty credit rating. It has been rated A, AAAspc and AAA with a stable outlook by Standard & Poor’s Global, S&P Global (China) Ratings and CCXI.

Faced with the period of strategic opportunities for China’s economic and social development, the Bank will thoroughly implement the new development concept, comprehensively deepen reform and innovation, accelerate the transformation and development towards “uniqueness, comprehensiveness, lightness, digitalization and intensiveness”, and make every effort to be a first-tier large retail bank.

Summary of sustainability strategy

The Bank aligns its strategy with the 2030 Sustainable Development Goals (SDGs) and the Paris Climate Agreement and implements major decisions and plans of the CPC Central Committee and the State Council on actively responding to climate change and developing green finance. In many domains such as strategic planning, policies and systems, incentives and constraints, and fintech, they continue to strengthen green management, actively launch innovative green finance products and services, vigorously support green, low-carbon development, reinforce environmental, social and governance (ESG) risk management, and promote green operations and green office building, in hopes of building themselves into a green inclusive bank and a climate-friendly bank.