Huaxia Bank Teams up with Postal Savings Bank

Beijing-headquartered commercial bank Huaxia Bank Co., Ltd. (SHSE: 600015) entered a cooperate agreement about wealth management in Beijing on September 27 with Postal Savings Bank of China, a postal saving service unit under the aegis of China Post Group.

The agreement reflects their own edges and is a big push to the development of both wealth management businesses in China.

Huaxia Bank is experienced in the design of banking wealth management products, by comparison, Postal Savings Bank has a nationwide service network, industry experts pointed out. It will be a win-win deal.

Established in 1992, Huaxia Bank became the fifth listed commercial bank in China during September 2003, with 330 service offices and more than 10,000 employees; and its strategic foreign partner is Deutsche Bank. Postal Savings Bank is an affiliate under China Post Group, a national postal service utility.

Source: www.p5w.net (September 28, 2009)

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