直销银行退场背后：行业数字化发展进入深度整合新阶段

Core Viewpoint - Postal Savings Bank of China (PSBC) announced the absorption and merger of its wholly-owned subsidiary, Postal Bank of China Huinong Bank Co., Ltd. (Huinong Bank), which will lead to the cancellation of Huinong Bank's independent legal status and the transfer of all its business, assets, debts, and rights to PSBC, ensuring that customer rights remain unaffected [1][2]. Company Summary - Huinong Bank was established in January 2022 with a registered capital of 5 billion yuan, focusing on serving agriculture, small and micro enterprises, and the general public through a digital inclusive finance model [2]. - The merger will not materially impact PSBC's financial status or operating results, as Huinong Bank's financial statements have already been fully consolidated into PSBC's reports [2]. - The existing loans and deposits from Huinong Bank are relatively small in scale, and their natural expiration will not significantly affect PSBC's future performance [2][3]. Industry Summary - The merger reflects a broader trend in the banking industry, where many banks are integrating their direct banking or digital financial subsidiaries, moving from initial experimentation to comprehensive integration [1][3]. - The independent value of direct banks has diminished due to challenges such as product homogeneity and high customer acquisition costs, leading to over 20 banks shutting down or integrating their direct banking operations [3]. - The banking sector is transitioning from extensive channel expansion to refined ecological cultivation, indicating a shift towards integrated operations [3]. Digital Transformation Initiatives - The merger is expected to optimize PSBC's management and business structure, enhance digital transformation outcomes, improve operational efficiency, and reduce management costs [4]. - PSBC has implemented new core systems for personal, corporate, and credit card businesses, and is deepening its digital transformation through financial technology, big data, and artificial intelligence [4][5]. - The bank aims to build a digital inclusive finance system and enhance its risk management capabilities while focusing on user-centered digital banking development [4][6].