Postal Savings Bank of China reports 1 trln yuan of outstanding microloans

The Postal Savings Bank of China, one of the country’s state-owned banks, saw the outstanding amount of its microloans to small businesses stand at 1 trillion yuan (157.23 billion U.S. dollars) on Wednesday, the Shanghai Securities News reported Thursday.

The lender has handled more than 6 trillion yuan of microloans for about 50 million customers and each of the loans stood at more than 100,000 yuan on average, according to the report.

With about 40,000 outlets, the bank is dedicated to serving customers in the agriculture sector and in rural areas, as well as urban residents and small businesses.

The bank was officially established in March 2007 based on the reform of the previous postal savings management system. In January 2012, it was transformed into a joint stock limited liability company.