Regulators have approved the establishment of the China Postal Savings Bank to take over the post office's predominantly rural financial services system, the South China Morning Post reported. The bank will be China's fifth-largest deposit-taking institution and manage 36,000 outlets nationwide – twice as many as Industrial and Commercial Bank of China, the country's largest lender. About 60% of its outlets are in rural areas. In a statement on its website Monday, the China Banking Regulatory Commission said the new bank will be wholly owned by China Post Group, which was recently registered with capital of US$10.2 billion. Like many other big banks, the postal savings bank hopes eventually to make an initial public offering, which could raise at least US$$2 billion.
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