Xin Lang Cai Jing·2025-09-25 01:24Core Viewpoint - Postal Savings Bank of China (PSBC) announced the absorption and merger of its wholly-owned subsidiary, Postal Huinong Bank, to optimize management and business structure, resulting in the cancellation of the latter's independent legal status and the transfer of all its assets and liabilities to PSBC [1][4][5]. Group 1: Merger Details - The board of PSBC approved the merger proposal, which will be submitted to the shareholders' meeting and requires approval from the National Financial Regulatory Administration [5]. - The merger aims to enhance operational efficiency by integrating Postal Huinong Bank's online operational experience and resources into PSBC, thereby reducing management costs and improving overall operational efficiency [5][6]. Group 2: Postal Huinong Bank's Performance - Established in January 2022, Postal Huinong Bank had total assets of 12.005 billion yuan and over 20 million registered users by June 2023 [6]. - The bank reported a revenue of 150 million yuan in the first half of 2023, a year-on-year increase of 12.78%, while its net loss decreased by 38.74% compared to the previous year [6][7]. Group 3: Industry Context - Prior to the merger, there were only two independent legal direct banks in China, with the other being Citic Baixin Bank, which has a total asset of 119.516 billion yuan and a net profit of 472 million yuan as of June 2023 [8][9]. - The establishment of new independent direct banks has become increasingly challenging due to stricter regulatory policies and market saturation, leading to a trend of consolidation within the industry [9][10].