Firm forms strategic partnership with Postal Savings Bank of China
Beijing - JPMorgan Chase & Co. (NYSE: JPM) announced today its Strategic Cooperation Agreement with Postal Savings Bank of China (PSBC), the largest unlisted bank and the sixth largest commercial bank in China in terms of assets. The two banks also signed a Securities Purchase Agreement and an Investors Rights Agreement.
The agreement encompasses multiple levels of collaboration between the two banks, leveraging the leading retail, consumer and commercial banking franchises of JPMorgan Chase & Co., as well as its global corporate and investment banking and asset management businesses. As one of the most respected global financial services firms, JPMorgan Chase & Co. operates some of the world’s most sophisticated and secure banking distribution channels. The company is also well recognized for its risk management practices, which are continuously strengthened and aligned to the highest standards. JPMorgan Chase & Co. will provide support and expertise to PSBC as it invests in and introduces new distribution capabilities while further strengthening its risk management processes.
Nicolas Aguzin, CEO for J.P. Morgan, Asia Pacific, said: “We are delighted to partner with PSBC and look forward to making a contribution to China’s financial reforms by drawing on our global expertise and experience.”
“Our strategic partnership with PSBC is a strong endorsement of the firm’s long term commitment to China, a market where we see tremendous growth potential. We believe the country’s financial market reforms will underpin future economic development locally while also contributing to greater economic stability globally,” he added.
PSBC operates more than 40,000 branches nationwide, covering 98% of Chinese counties and serving a customer base of 500 million people.