China Banking Regulatory Commission (CBRC) has approved the launch of the postal savings bank, which will be wholly owned by the China Post Group.

China Post started its postal savings services in 1986 with the establishment of the China Post Savings and Remittance Bureau. But it could only accept deposits from the public and not offer loans. By the end of 2005, it had a deposit balance of 1.3 trillion yuan (166 billion dollars), accounting for nearly 10 percent of China’s household savings and making it the fifth largest savings institution after the big four State-owned banks. ( Xinhua News )