2. China Postal Savings Bank was formally established on March 20th, 2007. It is a commercial bank established on the basis of the reform of postal savings management system. China Postal Savings Bank inherited the postal finance business operated by the former State Post Bureau and China Post Group Corporation and the assets and liabilities arising therefrom, and continued to engage in the business approved by the original business scope and business license documents. On February 27th, 20 12, China Postal Savings Bank announced that with the consent of the State Council, China Postal Savings Bank Co., Ltd. was changed to China Postal Savings Bank Co., Ltd. on October 27th, 20121year.