券商中国·2026-01-07 00:59Core Viewpoint - Postal Savings Bank of China (PSBC) has received regulatory approval to absorb and merge with its wholly-owned direct bank, Postal Huinong Bank, marking the end of the first independent legal direct bank controlled by a state-owned commercial bank in China [2][3]. Group 1: Merger Announcement and Rationale - The merger is aimed at optimizing resource allocation, reducing management costs, and enhancing operational efficiency, as stated by PSBC [3][4]. - The direct bank was initially established as a "testbed for digital transformation," but its independent value has diminished due to the rapid development of mobile banking [2][4]. - The merger will integrate Postal Huinong Bank's online operational experience into PSBC, providing new momentum for its development [4]. Group 2: Financial Performance of Postal Huinong Bank - Postal Huinong Bank, established in January 2022 with a registered capital of 5 billion yuan, has accumulated over 20 million users but has not achieved profitability since its inception [5][6]. - The bank reported 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 [5][6]. - As of June 2025, Postal Huinong Bank's total assets were 12.005 billion yuan, with a significant portion of its loans directed towards small and micro enterprises [6]. Group 3: Industry Context and Future Outlook - The independent legal direct bank model has faced challenges due to the increasing overlap in functionality with mobile banking apps, leading to a decline in the independent value of direct banks [7]. - Following the merger, only one independent legal direct bank, Citic Baixin Bank, remains operational in China, highlighting a trend of consolidation in the sector [7]. - Citic Baixin Bank has shown signs of recovery, achieving a net profit of 652 million yuan in 2024, although it experienced a decline of 23.74% year-on-year [7][8].