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( A joint stock limited liability company incorporated in the People’s Republic of China ) Together we make it better Annual Report Annual 2 / Company Profile 3 / Definitions 7 / Important Notice 8 / Corporate Information 10 / Financial Highlights 15 / Honors and Awards 18 / Message from the Chairman 22 / Message from the President 27 / Discussion and Analysis 90 / Directors, Supervisors and Senior Management 101 / Corporate Governance Contents 122 / Report of the Board of Directors 137 / Report of the Board of Supervisors 141 / Connected Transactions and the Implementation of the Management System for Connected Transactions 148 / Significant Events 150 / Organizational Structure 152 / Independent Auditor’s Report 308 / Appendix I : Unaudited Supplementary Financial Information 312 / Appendix II : Liquidity Coverage Ratio 313 / Appendix III : Leverage Ratio 315 / Appendix IV : Composition of Capital 330 / Appendix V : Reference Materials for Shareholders Postal Savings Bank of China Co., Ltd. Company Profile Postal Savings Bank of China is a leading large retail commercial bank in China, strategically focuses on providing financial services to communities, SMEs and “Sannong” customers and is committed to meeting the financial needs of the most promising customers during China’s economic transformation. Meanwhile, the Bank actively serves large corporate customers and participates in the construction of major projects, making important contributions to China’s economic development. With approximately 40,000 outlets and services covering over 553 million individual customers, Postal Savings Bank of China has shown its superior asset quality and significant development potential. At present, we have established an all-around e-banking system consisting of online banking, mobile banking, self-service banking, telephone banking, and WeChat banking etc., forming a financial service landscape in which electronic banking connects with physical network and offline physical banking keeps pace with online virtual banking. In 2015, we introduced ten domestic and foreign strategic investors, which further improved our comprehensive strength. In 2016, we completed the initial public offering on the Main Board of the Hong Kong Stock Exchange and gained access to international capital markets, representing a successful implementation of the 3-step reform, namely “transformation of ownership, introduction of strategic investors and initial public offering”. In 2017, we issued offshore preference shares, further optimizing our capital structure and expanding our capital replenishment channels. We ranked 21st in terms of total assets as of the end of 2016 by The Banker’s list of “Top 1000 World Banks 2017”, ranked 55th in the Forbes’ “World’s 2000 Biggest Public Companies 2016” and ranked 34th in the Fortune’s “China Top 500 Companies 2016”. Against the background of transformation and upgrade of China’s economy, deepening advancement of financial reform and thriving development of information technology, Postal Savings Bank of China will seize new strategic opportunities, give full play to its advantages, keep enriching business varieties, expand service channels and improve service capabilities so as to provide more comprehensive and convenient financial services to customers and become the most trusted and valuable first-tier large retail commercial bank. 2 Annual Report Definitions In this annual report, unless the context otherwise requires, the following terms shall have the meanings set out below: “A Share(s)” domestically listed ordinary shares that are subscribed and traded in Renminbi “A Share Offering” the proposed initial public offering of not more than 5,172,164,200 A Shares (excluding over-allotment) in China by the Bank, to be listed on the Shanghai Stock Exchange “Articles of Association” the Articles of Association of Postal Savings Bank of China Co., Ltd., approved by the CBRC on August 2, 2017, as amended, supplemented and otherwise modified from time to time “Bank/Postal Savings Bank Postal Savings Bank of China Co., Ltd., a joint stock limited liability company of China/PSBC/us/we” established in the PRC in accordance with PRC laws, including its predecessors, branches and sub-branches, directly-operated outlets and agency outlets (to the extent of agency outlets’ operations, risk management and licenses in relation to agency banking businesses they conduct) and subsidiary (where the context so requires) “basis point(s)” a unit for measuring changes in interest rate or exchange rate (BP), equal to 1% of one percentage point, namely 0.01% “Board of Directors/Board” Board of directors of the Bank “Board of Supervisors” Board of supervisors of the Bank “CBRC” China Banking Regulatory Commission “central bank/PBOC” The People’s Bank of China “China” or “PRC” the People’s Republic of China, but for the purpose of this annual report and unless the context otherwise requires, excludes Hong Kong Special Administrative Region of the PRC, Macau Special Administrative Region of the PRC and Taiwan “China Post Group” China Post Group Corporation, an enterprise owned by the whole people established in the PRC on October 4, 1995, and our controlling shareholder “corporate loans to small the loans provided by the Bank to the enterprises classified as small, micro, and enterprises” medium-sized enterprises under the Classification Standards of Small and Medium Enterprises 3 Postal Savings Bank of China Co., Ltd. Definitions “corporate loans to small the loans to small and micro-sized enterprises which comply with the calculation and micro enterprises” method of the CBRC, including the loans to small-sized enterprises, loans to micro-sized enterprises, loans to self-employed traders and loans to small and micro- sized business owners; the classification standards of enterprises strictly follow the Classification Standards of Small and Medium Enterprises “County Area(s)” areas designated as counties or county-level cities under China’s administrative division system. As an administrative division unit, a county or county-level city is generally directly below and under the direct supervision of its corresponding municipal-level or provincial-level government. County Areas include more economically developed county centers, towns and the vast rural areas within their administrative jurisdictions “CSRC” China Securities Regulatory Commission “Director(s)” our director(s) “Domestic Shares” ordinary shares we issued with a nominal value of RMB1.00 each, which are subscribed for in Renminbi “Group” our Bank and our subsidiary “H Shares” our ordinary shares with a nominal value of RMB1.00 each, which are subscribed for and traded in Hong Kong dollars and listed on the Hong Kong Stock Exchange “Hong Kong Listing Rules” the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited, as amended, supplemented or otherwise modified from time to time “Hong Kong Stock The Stock Exchange of Hong Kong Limited Exchange” “IFRS” International Financial Reporting Standards, the related amendments and interpretations issued by the International Accounting Standards Board “industries with high industries with high pollution, high energy consumption and over-capacity pollution, high energy consumption and overcapacity” “Large Commercial Banks” Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China and our Bank, collectively 4 Annual Report “Latest Practicable Date” April 20, 2018, which is the date of bulk print of this report “MOF” Ministry of Finance of the PRC “One Body Two Wings” Taking retail banking business as our main body and corporate banking business and financial market business as our two wings “PSBC Consumer Finance” PSBC Consumer Finance Company Limited, a limited liability company incorporated and conducting business in China since November 19, 2015. As of the date of this annual report, the Bank held 70.5% equity interests in the PSBC Consumer Finance “qualified tier 2 capital debt securities issued by a commercial bank, the claim of which ranks prior to its instruments” equity capital and after other debts in respect of repayment of principal and interest in the process of liquidation; qualified subordinated bonds can be recognized as tier 2 capital “RMB” or “Renminbi” Renminbi, the lawful currency of the PRC “Sannong” a short-hand reference to the Chinese pronunciation of the phrase “agriculture, rural areas and farmers” (農業、農村和農民) “SFO” the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong, as amended, supplemented or otherwise modified from time to time “Share(s)” our ordinary shares in the share capital with a nominal value of RMB1.00 each, including Domestic Shares and H Shares “Shareholder(s)” the holder(s) of the Shares “SHIBOR” Shanghai Interbank Offered Rate “SMEs” the enterprises classified as small, micro and medium-sized enterprises under the Classification Standards of Small and Medium Enterprises “Supervisor(s)” our supervisor(s) “VIP customers” Our customer segmentation is primarily based on each customer’s personal financial assets and loan balances with us (collectively “consolidated assets”). We usually classify customers with consolidated assets of RMB100,000 or more as our VIP customers 5 Postal Savings Bank of China Co., Ltd. Definitions For the purpose of illustrating our distribution network and presenting certain results of operations and financial conditions in this annual report, our references
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