Huan Qiu Lao Hu Cai Jing·2025-09-24 04:07Core Viewpoint - Postal Savings Bank of China (PSBC) announced the absorption and merger of its wholly-owned subsidiary, Postal Savings Bank Huinong Co., Ltd., to optimize management and business structure [1] Group 1: Merger Details - The merger will result in the cancellation of Postal Savings Bank Huinong's independent legal status, with all its business, assets, debts, and rights being inherited by PSBC [1] - Customers of Postal Savings Bank Huinong will not be affected, and existing contracts will remain valid [1] Group 2: Financial Impact - The merger is not expected to have a substantial impact on PSBC's financial status or operating results, as Postal Savings Bank Huinong's financial statements have already been fully consolidated into PSBC's reports [1] Group 3: Background and Purpose - The merger aligns with PSBC's strategy of increasing investment in financial technology and enhancing digital and centralized capabilities, particularly through mobile banking [1] - The integration of Postal Savings Bank Huinong's online operational experience is seen as a strong complement to PSBC's online business [1] - The merger aims to optimize resource allocation and reduce management costs [1] Group 4: Historical Context - Postal Savings Bank Huinong was established in January 2022 with a registered capital of 5 billion yuan, focusing on inclusive and digital finance [2] - As of the end of 2024, Postal Savings Bank Huinong had over 21 million registered users, total assets of 12.828 billion yuan, and a net asset of 4.159 billion yuan, with a revenue of 243 million yuan, down 31.55% year-on-year [2] - By mid-2025, its total assets were 12.005 billion yuan, net assets were 4.042 billion yuan, and it reported a revenue of 150 million yuan with a net loss of 118 million yuan, reducing losses by 38.74% year-on-year [2] Group 5: Industry Context - Following the merger, only Baixin Bank remains as an independent legal direct bank in the domestic market [3]