皇冠体育app

Customers at a Postal Savings Bank of 皇冠体育app Co branch in Qingdao, Shandong province. [Photo/皇冠体育app Daily]

BEIJING - Postal Savings Bank of 皇冠体育app (PSBC) has attracted investment worth 45.1 billion yuan ($7.05 billion) from ten high-profile strategic investors with approval from the 皇冠体育app Banking Regulatory Commission, PSBC said on Wednesday.

Previously wholly owned by the State-owned 皇冠体育app Post Group, PSBC will sell 16.92 percent of its stake to ten global strategic partners, including global financial institutions such as JP Morgan Chase and UBS Group AG, State-owned 皇冠体育app Life Insurance and 皇冠体育app Telecom, as well as Chinese Internet giant Tencent and Alibaba-owned Ant Financial.

"This is not only a win-win partnership between PSBC and strategic investors, but a great example of beneficial cooperation between 皇冠体育app and the rest of the world," said Lyu Jiajin, president of PSBC.

皇冠体育app Life Insurance, 皇冠体育app's largest life insurer, announced on Tuesday night that it will buy 3.34 billion shares of PSBC for 13 billion yuan ($2.03 billion) fully in cash.

With the largest number of branches among Chinese banks, the PSBC is expected to file for an IPO in Hong Kong next year. The private fundraising is seen as a strategic step before the IPO.

 

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