Summary by Moomoo AI
Postal Savings Bank of China Co., Ltd. ("Postal Savings Bank") will hold an extraordinary general meeting of shareholders on October 25, 2024 to consider multiple proposals, including adjusting the pricing of savings agency fees for agency deposit absorption business. This adjustment is triggered by the average net interest margin decrease of the four major state-owned commercial banks, leading to a passive adjustment mechanism. After consultations with China Post Group, Postal Savings Bank has decided to reduce the savings agency fee rate to adapt to market interest rate changes. Additionally, as the London Interbank Offered Rate (LIBOR) quotations are discontinued, Postal Savings Bank will also update the pricing of savings agency fees for agency foreign currency deposit absorption business. Furthermore, the shareholders' meeting will also consider the election of Mr. Liu Ruigang and Mr. Chen Binghua as non-executive directors. Postal Savings Bank stated that this adjustment will optimize the deposit structure, reduce interest costs, and promote the long-term healthy development of agency savings deposit business.
