On January 14, Nanfang Daily exclusively learnt that the establishment of China Post Consumer Finance Co., Ltd initiated by Postal Savings Bank of China (PSBC) was recently approved by China Banking Regulatory Commission. The company will become the first consumer finance company approved in 2015 and the first consumer finance company of Guangzhou.

PSBC initiated the establishment of the company. A number of companies will participate in the preparation and establishment of the company, including DBS Bank Ltd, HNA Group, Lakala Payment Co., Ltd., Guangzhou Grandbuy Co., Ltd, Guangdong Highsun Enterprises Group Corp. and Guangdong Sangem Group. The company will be mainly engaged in individual consumer finance business nationwide. It will be registered in Guangzhou, with an initial registered capital of RMB1 billion, 61.5% of which is from the major initiator, namely PSBC.

PSBC said that currently intensive preparation work has been launched in strict accordance with the requirements of related regulators. As long as being formally put into operation, the company will take full advantage of the advantages of PSBC and the other shareholders to develop itself into a national leading consumer finance company with the vision to improve the consumption quality of the public. The establishment of the company is another measure for PSBC to practice the inclusive financial system, improve core competitiveness and seek for a long-term and sustainable development.

Source: Nanfang Daily, January 15, 2015