China Postal Savings Bank (PSBC) announced on September 30, 2024, that it will adjust the pricing of savings agency fees for deposit absorption business agents. This adjustment is based on a supplementary agreement with China Post Group on the framework agreement for agency bank business, aiming to optimize the structure of savings agency fees, reduce interest payment costs, and enhance the bank's active liability management capabilities. The adjusted tiered rates will differentiate pricing for deposits of different terms to guide the optimization of deposit structure and reduce the cost of liabilities. In addition, the bank and China Post Group have agreed to optimize the trigger conditions of the passive adjustment mechanism to better reflect changes in market interest rate levels. Effective...Show More

China Postal Savings Bank (PSBC) announced on September 30, 2024, that it will adjust the pricing of savings agency fees for deposit absorption business agents. This adjustment is based on a supplementary agreement with China Post Group on the framework agreement for agency bank business, aiming to optimize the structure of savings agency fees, reduce interest payment costs, and enhance the bank's active liability management capabilities. The adjusted tiered rates will differentiate pricing for deposits of different terms to guide the optimization of deposit structure and reduce the cost of liabilities. In addition, the bank and China Post Group have agreed to optimize the trigger conditions of the passive adjustment mechanism to better reflect changes in market interest rate levels. Effective conditions for the 2024 supplementary agreement include approval by the bank's shareholders' meeting. The bank stated that this adjustment is in line with the overall interests of the company and shareholders, and has received support from the independent board of directors and independent financial advisors. An extraordinary shareholders' meeting will be convened to review and approve this adjustment and supplementary agreement.