Bank of Communications responds to revoking the private banking license.

On March 25th, in response to the recent rumors about "Bank of Communications planning to revoke its private banking license", Bank of Communications stated: "The relevant work is being carried out in strict accordance with the prescribed process." Bank of Communications indicated that this move is mainly to strengthen the characteristics of wealth finance and enhance customer service capabilities. After deliberation by the bank's board of directors, the implementation of a retail sector institutional reform has been approved, along with related organizational structure adjustments. Bank of Communications emphasized that existing private banking services, rights, and processes are not affected.