Davis Polk advised Postal and Savings Bank of China (“PSBC”) in connection with its issuance and sale of over $7 billion worth of shares to a group of strategic investors. The investors include six international financial institutions UBS, JPMorgan, DBS, Canada Pension Plan Investment Board, Temasek and IFC, two state-owned enterprises China Life and China Telecom, as well as two Chinese Internet giants Ant Financial (an affiliate of Alibaba) and Tencent. The transaction also encompasses multiple levels of strategic collaboration between PSBC and the investors.

PSBC is one of the largest retail banks in China. With more than 400 million retail customers and nearly 40,000 branches, PSBC is China’s largest bank by customers and distribution network and is the sixth-largest bank by total assets in China.

The Davis Polk corporate team includes partners Howard Zhang and Li He and registered foreign lawyer Xiaoton (Lisa) Yuan. All members of the Davis Polk team are based in the Beijing office.