Bank of Communications responds to plan to apply for revocation of private banking license: existing private banking services, rights, and processes are not affected.

Reporters have recently verified from multiple sources that Bank of Communications plans to apply to revoke its private banking license. In response to this, Bank of Communications immediately told reporters that, in order to strengthen the characteristics of wealth finance and enhance customer service capabilities, the bank's board of directors has approved the implementation of retail segment organizational system reforms, and related organizational structure adjustments are being carried out in strict accordance with the prescribed procedures. It is understood that the bank's existing private banking business services, rights, and processes are not affected. Bank of Communications will always adhere to a customer-centric approach, continuously providing higher quality and more efficient financial services. Thank you for the support and attention from customers and the public. Industry experts have indicated that this adjustment is not a contraction of business, but a key step for Bank of Communications to promote the deep integration of wealth management and private banking businesses at the head office level, and it is expected to further enhance service levels through resource integration and strategic cooperation.