Postal Savings Bank: Intends to Lower Savings Agency Fees

Golden Ten Data News on October 9th, the conference materials of the first interim shareholders’ meeting in 2024 disclosed by Postal Savings Bank of China showed that after active negotiations between the bank and China Post Group, from the perspective of the interests of all shareholders, it is proposed to further reduce the tiered fee rates of agency savings deposits. The conference materials show that in recent years, the net interest margin and net profit margin of the banking industry have continued to narrow. In the context of passive adjustments triggered by the pricing of RMB deposit savings agency fees, considering the current and future interest rate environment and trends, Postal Savings Bank of China and China Post Group have actively negotiated and proposed to further reduce the tiered fee rates of agency savings deposits from the perspective of the interests of all shareholders, in order to continuously optimize the structure of the bank’s agency savings deposits, reduce interest payment costs, enhance proactive liability management capabilities, and promote the long-term healthy development of agency savings deposit business.