Guan Cha Zhe Wang·2025-09-24 08:57Core Viewpoint - China Postal Savings Bank announced a strategic merger with its wholly-owned subsidiary, Postal Savings Bank of China Huinong Bank, marking a significant shift from decentralized pilot projects to centralized integration in its digital transformation process [1][5] Group 1: Strategic Goals - The merger aims to achieve strategic integration, optimize resource allocation, and reduce management costs [1][4] - The independent operation of the direct bank subsidiary has led to overlapping business functions with the parent company, necessitating improved resource allocation efficiency [1][4] Group 2: Financial Performance - As of June 2025, Postal Savings Bank of China Huinong Bank had a net asset of 4.042 billion and a deposit scale of 7.2 billion, indicating that its asset scale is relatively small compared to the overall size of Postal Savings Bank [2] - Despite serving over 20 million customers, the marginal benefits of the independent operation model are diminishing from an asset return and cost-effectiveness perspective [2] Group 3: Industry Trends - The merger reflects a broader trend in the banking industry towards digital transformation, moving from independent direct banks to integrated digital operations within parent companies [5][6] - The number of independent legal direct banks is decreasing, with only a few remaining operational, indicating a shift in the strategic value of such models [6] Group 4: Future Implications - The strategic adjustment by Postal Savings Bank signals a transition in the banking sector's digital development from initial "multiple experiments" to a new phase of "deep integration" [7] - Future competition in the banking industry will focus more on overall service capabilities, risk control levels, and customer experience rather than just channel innovation or product differentiation [7]