After nearly three years of vacancy, PSBC finally has its "top leader" in place

After a vacancy of 32 months, Postal Savings Bank of China (601658.SH) finally welcomed its new chairman on the first working day of 2025.

On January 2, Postal Savings Bank announced that the board of directors had passed a resolution to elect Zheng Guoyu, the current director, general manager, and chief compliance officer of the Postal Group, as the new chairman.

Since Zhang Jinliang took office as president of China Construction Bank in April 2022, the position of chairman of Postal Savings Bank has been vacant for nearly three years.

In March 2023, the Central Organization Department announced Zheng Guoyu's appointment to the Postal Group; at the same time, he was relieved of his position as vice president and party committee member of Industrial and Commercial Bank of China.

After Zheng Guoyu took office as chairman, president Liu Jianjun will also end his 32-month tenure as acting chairman, officially entering the "Zheng-Liu partnership" era for Postal Savings Bank.

His resume shows that Zheng Guoyu, born in 1967, has extensive experience in the banking industry:

He joined Bank of China in 1988 and has held positions such as vice president of the Hubei branch, president of the Shanxi branch, and president of the Sichuan branch, and in 2019 he became vice president of Bank of China, mainly responsible for personal and technology business;

He resigned from his position as vice president of Bank of China in 2021 and took office as vice president of Industrial and Commercial Bank of China; in 2023, he left Industrial and Commercial Bank to become general manager and chief compliance officer of the Postal Group.

In July 2024, Zheng Guoyu emphasized at a working symposium of the Postal Group that six key tasks should be focused on in the second half of the year: further clarifying operational development tasks, improving service quality, strengthening risk control management, promoting the implementation of reforms, advancing capability building, and enhancing safety production.

Three months later, Zheng Guoyu also organized research symposiums on delivery and financial business in Fuzhou and Ningde, as well as on compliance and key marketing work, pointing out that the small scale of AUM (Assets Under Management) and customer base are the crux of restricting the high-quality development of Fujian Postal Agency's financial services.

In the first three quarters of 2024, Postal Savings Bank achieved revenue and net profit of 260.349 billion yuan and 75.818 billion yuan, with growth rates of 0.09% and 0.22%, respectively