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China Postal Savings Bank is expected to open for business in the next six months, a China Banking Regulatory Commission (CBRC) official told Xinhua News Agency on Monday.

The new bank will incorporate and integrate a large proportion of the China Postal Savings and Remittance Bureau (the Bureau). Established in 1986, the Bureau has over 36,000 outlets in urban and rural areas, and had savings deposits worth 1.48 trillion yuan (US$185 billion) as at the end of March.

The widely anticipated new bank, whose name is still an interim working one, is projected to become China's fifth largest bank in terms of savings, after the Industrial and Commercial Bank of China, Bank of China, China Construction Bank and Agricultural Bank of China respectively.

Approval from the CBRC to start its lending business is still pending, but the Bureau has started preparatory work because of its lack of experience in the area.

To avoid being saddled with bad assets, and to strengthen its resistance to risks and corporate governance, it is seeking to cooperate with other more established financial institutions.

In mid June, the Bureau signed a full-scale cooperation agreement with China Development Bank (CDB), a policy bank that provides long-term financing for key projects in the infrastructure and other pillar industries.

Cooperation covers asset management, capital utilization, professional counsel, personnel and financial settlements. If approved, they will offer a variety of loans including syndicated, joint and commission loans, and jointly manage trust assets.

The bureau will also actively undertake the sale and issuance of CDB's bonds and asset-backed securities.

The agreement is viewed as a win-win situation; the Bureau gains valuable experience from working with CDB, which in turn has the opportunity to break into the rural market. Rural areas would also benefit from the flow of deposits that could be used for development.

The agreement also provides for the possible training of Bureau personnel at CDB.

With this and other similar cooperation agreements and partnerships, the Bureau, and eventually China Postal Savings Bank, will be able to gradually move towards operating its own lending business.

Capital Goings-on in 2006

March 23: Sino French Life Insurance Company, a 50-50 joint venture between State Post Bureau and CNP Assurances, opened for business. Liu Liqing, former head of State Post Bureau, assumed the position of board chairman.

Mid-April: State Post Bureau, Beijing Municipal Post Bureau and China National Philatelic Corporation paid 224 million yuan (US$28 million), 168 million yuan (US$21 million) and 115 million yuan (US$14.4 million) respectively to reinforce the registered capital of Xi'an-based Huahong Securities.

May 8: Zhongyou Venture Capital Fund Management Company was set up. State Post Bureau paid 24 million yuan (US$3 million) for a 24 percent stake in the company to become its second largest shareholder.

(China.org.cn by Tang Fuchun, June 29, 2006)