Postal Savings Bank of China (PSBC) has opened its wealth management unit in a bid to tap the $3.1trn wealth management market in the country.

The newly established unit, PSBC Wealth Management, also introduced its initial product portfolio which includes fixed-income product-based investment plans and retirement offerings among others.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

According to Caixin, the unit is designed to have a workforce of around 600 and 1,000 people. PSBC Wealth Management is led by Wu Yaodong, who will serve as its chairman.

The PSBC wealth management unit is expected to benefit from the lender’s extensive branch network in China.

The bank operates around 40,000 branches and serves nearly 600 million individual customers.

Before PSBC, the other top five state-owned lenders have already established their wealth management units.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The wealth management arms of China Construction Bank (CCB) and the Industrial and Commercial Bank of China (ICBC) were first to begin operations in July. Subsequently, they were followed by the Bank of China, Bank of Communications and Agricultural Bank of China.

According to Caixin, Chinese lenders have stepped up efforts to set up their wealth management units recently as it allows them to operate with fewer regulatory restrictions on investments using wealth management funds.

Last year, Chinese authorities revised existing regulations to prevent the expansion shadow banking system and reduce associated risks.

In July this year, Bank of Hangzhou, Bank of Ningbo and Huishang Bank secured regulatory nod to open wealth management subsidiaries.