Postal Savings Bank of China Nominates Lu Wei as Executive Director and President

An announcement from Postal Savings Bank of China Co., Ltd. Class H ( (HK:1658) ) is now available.

Postal Savings Bank of China Co., Ltd. has nominated Lu Wei, currently a member of the Leading Party Members’ Group and vice president of China Post Group as well as Party secretary of the bank, to serve as an executive director for a three‑year term, pending shareholder approval and regulatory clearance from the National Financial Regulatory Administration. The board has also approved his appointment as president of the bank, replacing acting president Yao Hong once his qualifications are approved; Lu brings extensive senior management experience from China CITIC Bank and CITIC Trust, and the bank has clarified that he has no reportable related-party relationships or shareholdings and will not receive remuneration from the bank, underscoring a tightly controlled governance and leadership transition for one of China’s major postal banking institutions.

The most recent analyst rating on (HK:1658) stock is a Buy with a HK$6.42 price target. To see the full list of analyst forecasts on Postal Savings Bank of China Co., Ltd. Class H stock, see the HK:1658 Stock Forecast page.

More about Postal Savings Bank of China Co., Ltd. Class H

Postal Savings Bank of China Co., Ltd. is a large mainland Chinese bank affiliated with China Post Group, focusing on retail and inclusive finance. While listed in Hong Kong, it is not an authorized institution under Hong Kong’s Banking Ordinance and is not supervised by the Hong Kong Monetary Authority, nor permitted to conduct banking or deposit-taking business in Hong Kong.

Average Trading Volume: 28,319,554

Technical Sentiment Signal: Buy

Current Market Cap: HK$683.2B

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