Postal Savings Bank completes restructuring

Updated: 2012-02-27 15:03

By Gao Changxin (chinadaily.com.cn)

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BEIJING -- Postal Savings Bank of China Co Ltd (PSBC), a commercial bank serving low-income entrepreneurs, said on Monday it has finished its joint stock restructuring, paving the way for the lender to issue shares publicly.

The bank, dubbed the "Chinese Wells Fargo", is a subsidiary of the state-owned China Post Group Corporation, China's largest postal company.

China Post Group Corporation is currently making forays into the capital market. Another of its subsidiaries, China Postal Express & Logistics Co Ltd, has recently filed for a listing with the China Securities Regulatory Commission and has passed the commission's first round of examination.