Zheng Quan Shi Bao·2026-01-07 02:15Core Viewpoint - Postal Savings Bank of China has received approval from financial regulators to absorb and merge its wholly-owned subsidiary, Postal Huinong Bank, marking the end of the first independent legal direct bank controlled by a state-owned bank in China [1][2] Group 1: Merger Announcement - The merger aims to optimize resource allocation, reduce management costs, and enhance operational efficiency [2][3] - Postal Huinong Bank's financial statements have been fully integrated into Postal Savings Bank's consolidated reports, with no adverse impact on the bank's financial status or shareholder interests [2][4] Group 2: Background and Performance - Postal Huinong Bank was established in January 2022 with a registered capital of 5 billion yuan, focusing on serving agriculture, small and micro enterprises, and promoting inclusive finance [4] - Since its inception, Postal Huinong Bank has not achieved profitability, reporting revenues of 101 million yuan, 355 million yuan, and 243 million yuan from 2022 to 2024, with net losses of 162 million yuan, 263 million yuan, and 415 million yuan during the same period [4] Group 3: Digital Transformation Strategy - Postal Savings Bank is focusing on digital customer management, using its mobile banking app as the core online entry point to enhance customer acquisition and service integration [5] - The bank has shut down its independent credit card app, consolidating functions into the Postal Savings Bank app to improve user experience and resource efficiency [5] Group 4: Industry Context - The independent legal direct bank model was once seen as a path for digital transformation in the banking sector, but the rise of mobile banking apps has led to increased overlap in functionality and product offerings [6][7] - Currently, only one independent legal direct bank, Citic Baixin Bank, remains operational after the merger of Postal Huinong Bank, with Citic Baixin Bank having turned profitable in 2021 after initial losses [6][7]