The Postal Savings Bank of China (PSBC) signed an all-round strategic collaboration agreement with the Bank of Communications in Beijing on September 15.
According to the agreement, the two sides will enter into long-term, all-round, mutually beneficial collaborations by taking advantage of their respective strengths. The two sides will deepen their collaboration on many fronts, including business funds, securitization of credit assets, transfer of assets, trust business and investment banking, to upgrade both sides’ ability to serve the entire economy.
Founded in 1908, Bank of Communications (BOCOM) is one of four oldest banks in China and one of the early note-issuing banks of China. In 1958, while the Hong Kong Branch continued to operate, the mainland business of BOCOM was merged with People’s Bank of China and the People’s Construction Bank of China on BOCOM’s foundation. To operate in line with economic reforms and development, BOCOM was restructured on July 24, 1986 with approval from the State Council and began operation anew on April 1, 1987, thus becoming China’s first state-owned shareholding commercial bank. As China’s first national shareholding commercial bank, BOCOM has been playing two roles as the successor to a century-old national banking brand and the pioneer of China’s banking reform since its re-establishment.