Postal Savings Bank of China to absorb digital bank, announces leadership changes

Postal Savings Bank of China (PSBC) is set to absorb its wholly-owned subsidiary, Postbank Home, effective from September 23, 2025, pending shareholder and regulatory approvals. This strategic move aims to optimize management, streamline business architecture, consolidate digital transformation efforts, and reduce operational costs by integrating Postbank Home's online operations and resources into the parent bank. Upon completion, Postbank Home's independent legal status will be deregistered, with PSBC assuming all its assets, liabilities, and business operations, ensuring no impact on customer rights or existing contracts.

PSBC's board of directors approved the absorption merger on September 23, 2025. Concurrently, Mr. Chen Yuejun has resigned as chairman of the supervisory board and shareholder representative supervisor due to reaching the statutory retirement age, effective September 23, 2025. The bank expressed gratitude for his significant contributions since 2012.

Furthermore, Mr. Song Xiaodong has been nominated as a non-executive director candidate. His appointment, approved by the board on September 23, 2025, is for a three-year term, subject to approval by the National Financial Regulatory Administration. Mr. Ding Xiangming will step down from his non-executive director and committee roles upon Mr. Song's commencement.