BEIJING, Dec. 6 (Xinhua) -- Postal Savings Bank of China (PSBC) kicked off operations of its wealth management subsidiary Thursday in an effort to step up retail banking and assest management transitions, China Daily reported Friday.
The commencement of operations of PSBC's wealth management unit followed similar actions taken by the other five large state-owned commercial banks and a few national joint-stock commercial leaders, including China Everbright Bank and China Merchants Bank, according to the newspaper.
The move is aimed to upgrade its retail banking strategies, implement supply-side structural reforms in the financial sector and serve the real economy, said Liu Aili, chairman of China Post Group.
Liu said that it is necessary for the bank to roll out diversified asset management services that cover full life cycle as digitalization has reshaped customers habits.
PSBC's wealth management unit also launched several types of new wealth management products upon its opening, including pension-themed products, fixed income and strategy-based products.