Business, Internet, Law & Policy

Who Just Invested In The Postal Savings Bank Of China?

The cadres running one of China's top banks are seeking a bigger exit, as they just landed a huge investment.

Postal Savings Bank of China sold shares to ten strategic investors, with a total financing scale of CNY45.1 billion. The ten investors include six international financial organizations: UBS, JPMorgan, DBS, Canada Pension Plan Investment Board, Temasek and International Finance Corporation; two large state-owned enterprises: China Life and China Telecom; and two Internet enterprises: Ant Financial and Tencent.

Prior to this, Ant Financial already cooperated with Postal Savings Bank of China in various sectors, including quick payment, user service, small and micro enterprise loan, big data analysis, and financial cloud computing.

In September 2015, Ant Financial announced a new project which aims to help over 1,000 financial organizations transform and upgrade to a new financial model in the next five years. The company will work together with those financial organizations to serve the real economy and a large user group by using the Internet, cloud computing, and big data technologies. The investment in Postal Savings Bank of China is reportedly an important step to realize this project.

The Postal Savings Bank of China is a commercial retail bank that was created in 2007 by China's State Post Bureau. This is the government body that regulates China Post, which is the government-run postal organization.


Image Credit: maoyunping

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