Jan. 5, 2006 (China Knowledge) – The establishment of the upcoming postal savings bank could be delayed as its management has yet to be decided, sources told the China Securities Journal on Thursday.

The China Banking Regulatory Commission and the State Council have already approved of China Post Group’s application to establish the new postal savings bank, which will offer retail banking and intermediary services, with an emphasis on serving China’s rural residents.

With a widening income gap between the urban and rural residents in China, and insufficient banks in the rural areas, the postal savings bank will mainly function to help the rural residents with a department that provides rural financial services.