PSBC(SH:601658) Jin Rong Shi Bao·2025-09-23 12:32Core Viewpoint - The merger of Postal Savings Bank of China (PSBC) and Youhui Wanjia Bank aims to enhance strategic integration, optimize resource allocation, and reduce management costs, while ensuring that existing customer rights and obligations remain unaffected [3][4][5]. Group 1: Merger Details - Youhui Wanjia Bank's independent legal status will be canceled post-merger, with all its business, assets, debts, and rights transferred to PSBC, ensuring customer contracts remain valid [3]. - Youhui Wanjia Bank was established in January 2022 with a registered capital of 5 billion yuan, and by June 2025, it had assets of 12 billion yuan, deposits of 7.2 billion yuan, and 16.45 million customers [3]. - The merger will not materially impact PSBC's financial status or operational results, nor will it harm the interests of its shareholders [3][6]. Group 2: Reasons for the Merger - The merger aligns with PSBC's long-term strategic planning, focusing on integrating Youhui Wanjia Bank's online advantages to address the limitations of physical branch coverage and high costs of offline retail financial services [4]. - By merging, PSBC can leverage Youhui Wanjia Bank's expertise in internet finance and enhance its overall operational efficiency [4][5]. Group 3: Financial Impact - The merger will have minimal impact on PSBC's financial statements since Youhui Wanjia Bank is a wholly-owned subsidiary [6][7]. - The merger will not change the economic resources controlled by PSBC, and the individual asset and liability statements will reflect the integration of Youhui Wanjia Bank's assets and liabilities [7]. Group 4: Customer and Business Transition - Existing customers of Youhui Wanjia Bank will transition smoothly to PSBC, with personal loans being gradually phased out and managed by PSBC's Shanghai branch [8]. - All personal accounts, deposits, and payment services will be migrated to PSBC to ensure stable operations and effective resource integration [8]. - PSBC will take over the management of all wealth management products previously offered by Youhui Wanjia Bank, ensuring that customer experiences remain unaffected during the transition [8][9]. Group 5: Capital Adequacy and Digital Transformation - The merger will not affect PSBC's capital adequacy at the group level, and the capital adequacy ratio may slightly improve at the legal entity level due to lower capital consumption from the subsidiary [10]. - PSBC is committed to enhancing its digital transformation by improving technological capabilities, optimizing business management, and strengthening risk control systems [11].