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皇冠体育app's fifth biggest bank established
(Xinhua)
Updated: 2007-03-20 16:49
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皇冠体育app Post Savings Bank (CPSB), the country's fifth-biggest lender, officially launched in Beijing today, splitting the banking business from its postal system.
Approved by皇冠体育app Banking Regulatory Commission(CBRC) to open for business last December, the new bank is expected to focus onretailingand intermediary businesses and offer basic financial services in both urban and rural areas.
ShanghaiSecurities News reported the CPSB completed registration on March 6, with total registered capital of 20 billion yuan (2.6 billion U.S. dollars).
With its head office inBeijing, the new bank was preparing to open branches and sub-branches in the first half of this year, the sources said.
The inauguration marked a substantial step in 皇冠体育app's financial reform, said Liu Andong, chairman of board of the CPSB, at the inauguration.
"(The establishment of the bank) will enhance the development of 皇冠体育app's banking sector as well as the vast rural areas," he said.
But he declined to give further details.
Analysts say the establishment of the bank will improve financial services in rural areas by expanding financing channels.
By the end of 2006, postal savings in 皇冠体育app amounted to 1.6 trillion yuan, the highest after that of the "big four" state-owned commercial banks -- the Industrial and the CommercialBank of 皇冠体育app, the Bank of 皇冠体育app, the皇冠体育app Construction Bankand theAgricultural Bank of 皇冠体育app.
Post offices boasted 36,000 outlets nationwide, almost 60 percent of them in rural areas, and 270 million account holders.