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On March 25, Postal Savings Bank of China (“PSBC”) released the 2019 Corporate Social Responsibility Report (Environmental, Social, Governance) (“Report”). The Report, which is PSBC’s first corporate social responsibility report after listing on both A-share and H-share markets, has fully shown the Bank’s practices and results of social responsibilities in 2019.
In 2019, upholding the concept of providing inclusive financial services for urban and rural customers and adhering to the positioning of serving Sannong, urban and rural residents and small and medium-sized enterprises, The Bank continued to improve fulfillment of social responsibilities, incorporated the idea of responsibility into the management and operation of the whole Bank, and was committed to building itself into an inclusive, green, harmonious, valuable bank and delivering sustainable commercial value to the society. While achieving high-quality development of its own, it actively assisted in sustainable development of economy, environment and society.
Adhering to the origin of finance and serving the real economy
The real economy serves as the foundation of finance, and finance is the lifeblood of the real economy. Adhering to the fundamental mission of providing financial services to the real economy, the Bank fully supported major national strategies such as the development of the Xiongan New Area, Beijing-Tianjin-Hebei region, the Yangtze Economic Belt and the Guangdong-Hong Kong-Macao Greater Bay Area. The Report shows that as at the end of 2019, the balance of the Bank’s corporate loans reached RMB1.74 trillion, representing an increase of RMB188,162 million or 12.12% compared with the prior year-end.
The Bank has nearly 40,000 outlets and serves more than 600 million personal customers. The positioning of the Bank’s retail business corresponds highly with national strategies, especially the rural revitalization strategy and the new urbanization strategy. In 2019, with a focus on key fields and major service objects in rural revitalization, the Bank primarily advanced the “Five Major Actions” on Sannong finance and promoted the “Ten Business Models” to fully serve the rural revitalization strategy. The Report shows that as at the end of 2019, the balance of the Bank’s agriculture-related loans recorded RMB1.26 trillion, representing an increase of RMB102,532 million, or 8.83%, compared with the prior year-end.
In terms of contributing to the battle against poverty, the Bank increased efforts in targeted poverty alleviation through finance, innovated policies and mechanisms for poverty alleviation through finance and comprehensively enhanced the accuracy, effectiveness and sustainability of poverty alleviation work through finance, to fully help win the battle against poverty. According to the Report, as at the end of 2019, the balance of targeted poverty alleviation loans of the Bank (including loans for people who had been out of poverty and loans contributing to the poverty alleviation efforts) reached RMB82,456 million, representing an increase of RMB21,259 million from the prior year-end.
In terms of serving private enterprises and small and micro businesses, the Bank, centering on the financing demands of SMEs, improved the financial service system and strengthened policy and resource support. Conforming to the development trend of Fintech, the Bank promoted internet-based philosophies, increased investment on product innovation, continued to streamline processes and reasonably cut fees and surrendered part of the profits to ease the difficulties faced by private enterprises and small and micro businesses in accessing affordable financing. The Report shows that as at the end of 2019, the Bank’s balance of inclusive loans to small and micro businesses amounted to RMB653,185 million, representing an increase of RMB108,194 million from the prior year-end.
Advancing scientific and technological innovation and empowering financial services
A new round of scientific, technological and industrial revolution is reorganizing the lifestyle and business ecosystem of mankind. Amid the wave of modern commercial banks accelerating digital, intelligent and ecological development, the Bank persistently enabled advancement through technology, implemented the strategy of making the Bank strong through technology, vigorously promoted the integration between finance and technology, and made technological innovation a new engine driving the Bank’s transformation and growth.
In 2019, the Bank strengthened the research and application of such new technologies as cloud computing, big data, artificial intelligence, and blockchain, and built a new intelligent retail bank with the help of technological innovation. It launched the self-built scenario “PSBC Canteen”, and built an open payment platform. Based on open, sharing and win-win internet thinking, the Bank strengthened cooperation with external internet companies, built a “finance + services” intelligent ecosystem, and provided customers with financial services as needed.
According to the Report, as at the end of 2019, the Bank’s e-banking customers amounted to 318 million, and e-channel transaction ratio reached 92.44%. The cloud platform of the production system effectively supported 60 systems, such as mobile banking, online banking, channel management platforms and third party payment, with an average daily transaction volume of 378 million, accounting for more than 80% of the total transaction volume of the Bank.
Practicing green development and contributing to the building of a beautiful China
Green finance is an important way to promote ecological progress. The Bank incorporated the concept of green development into its operational management and business development, continuously improved the management system on environmental and social risks, and proactively optimized the loan structure. While making innovations in green financial products and services, it vigorously supported the development of green, low-carbon and circular economy, and made use of its financial strength to safeguard lucid waters and lush mountains and build a beautiful China.
In 2019, the Bank continuously improved green finance management and incorporated the concept of green finance into its medium- and long-term development strategy outline. It continued to refine the management system on environmental and social risks, set up a department dedicated on green finance, and conducted on-site inspections on green banking and special inspections on environmental, social and governance risks. By incorporating the concept of green development into its business development and credit management, the Bank drew up credit policy guidelines for green finance, conducted research projects on green finance, strengthened internal training and external communication and cooperation, and vigorously supported the development of green, low-carbon and circular economy. The Bank implemented green operation, providing green services to customers, advocating green office, adhering to responsible green procurement and speeding up the construction of a green bank.
The Report shows that as at the end of 2019, the balance of green loans of the Bank (loans to energy saving and environmental protection projects and services) stood at RMB243,301 million, representing an increase of RMB52,896 million or 27.78% from the prior year-end; the balance of green bonds was RMB18,481 million, an increase of RMB4.57 billion, or 32.85% over the prior year-end.
Adhering to good faith and creating a better life
The Bank upheld the idea of openness and sharing, continuously improved returns to shareholders, provided sincere services for customers, enhanced employee care, and made contributions to society to share the results of financial development with all stakeholders and create a better life.
In terms of employee growth and care, the Bank, adhering to its “people-oriented” concept, strove to provide employees with protection of their rights and interests, abundant learning opportunities, broad career development and friendly office atmosphere, in order to enhance their sense of happiness and belonging.
In terms of community construction, the Bank attached great importance to improving financial infrastructure, optimizing financial services concerning people’s livelihood, protecting consumers’ rights and interests and improving customer experience. The Report shows that as at the end of 2019, the Bank had 9,658 outlets with accessibility facilities. The total volume of services via all channels of the remote banking center amounted to 229 million, customer satisfaction of the 95580 call center was 99.50%, and that of staff services at the credit card customer service center was 99.74%.
Moreover, the Bank delivered charity and promoted social harmony through ways such as donations and voluntary work. The Report shows that as at the end of 2019, PSBC Love Charity Foundation raised RMB28,306 thousand to subsidize 1,650 needy students in the PSBC Love Classes of Self-Commitment from 33 poverty-stricken counties. It provided a one-off education subsidy of RMB2,000 to each of the students from registered poor households who were admitted into Tier 1 universities from high schools in designated poverty-stricken counties, subsidizing a total of 1,336 students.
During the preparation of this report, we were experiencing the outbreak of the COVID-19 pandemic. The Bank thoroughly implemented decisions and plans of the CPC Central Committee and the State Council, as well as requirements of regulators, planed pandemic prevention and control and financial services as a whole, and gave full support to the resumption of work and production. In the meantime, the Bank donated RMB30 million to Wuhan, and worked with the whole nation to win the battle against the pandemic.
The Bank stated that in 2020 it would embark on a new journey of developing into a modern first-tier commercial bank, join hands with its investors, customers, employees and the general public to create greater value in the fields of economy, society and environment, provide better services for economic and social development, and serve people’s needs for a better life. The Bank would also strive to make due contributions to the realization of the First Centenary Goal of building a moderately prosperous society in all respects.
Extracted from Client of Financial Times, Reporter: Du Bing
March 26, 2020