In $10b IPO, China’s PSBC eyes ticket to online financial services boom

People walk past a sign outside a branch of Postal Savings Bank of China (PSBC) in downtown Beijing, China, November 12, 2015. REUTERS/Kim Kyung-Hoon/File Photo

As part of plans for an up-to-$10 billion initial public offering, Postal Savings Bank of China (PSBC) aims to transform itself from a brick-and-mortar lender into a digital player, helped by its investors Ant Financial and Tencent Holdings.

According to both the state-owned bank’s IPO prospectus and people familiar with its plans, PSBC plans to work with online services firm Tencent and Ant, an online payments affiliate of e-commerce giant Alibaba Group Holding, to launch a range of internet-based consumer finance services.

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