Deutsche signs postal banking deal in China

Deutsche has partnered with Postal Savings Bank of China to manage US dollar clearing and remittances.

Deutsche Bank recently announced a partnership with Postal Savings Bank of China PSBC, the fifth largest bank in China by deposits, for the provision of payment clearing channels to manage US dollar clearing and remittances into China.

PSBC has more than 36,000 retail locations across China of which two-thirds are in rural areas. As one of the world's top receivers of remittances, PSBC was looking for a banking partner to address the challenge...

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