From Financial Times:
China’s revamped postal ¬≠savings system on Tuesday opened for business as the country’s fifth biggest bank, pledging to improve its reach in rural areas where financial services and capital are scarce.
The launch of the China Postal Savings Bank ¬≠followed years of delay and dispute over how to reform the sprawling postal bureau, which at the end of last year held Rmb1,600bn (¬£106bn, $207bn, ‚Ç¨156bn) in deposits through more than 36,000 branches.
In an inauguration ad¬≠dress, Liu Andong, bank chair¬≠man, said it would “en¬≠hance the development” of China’s countryside by making particular effort to offer credit to rural households and companies.[Full Text]