Bank of Communications responds to "revoke private banking license": existing private banking services, rights, processes, etc. are not affected.

On March 25, it was learned from multiple sources that Bank of Communications plans to revoke its private banking license and merge the Wealth Management Department with the Private Banking Department to form the "Wealth Management and Private Banking Department." In response to this organizational adjustment, Bank of Communications stated to the Shanghai Securities News that, in order to strengthen the financial characteristics of wealth management and enhance customer service capabilities, the bank's board of directors has approved the implementation of retail sector institutional mechanism reforms, and related organizational adjustments are being carried out in accordance with established procedures. Existing private banking services, rights, and processes will not be affected. Bank of Communications will continue to focus on customer-centric principles and strive to provide higher quality and more efficient financial services. The bank appreciates the support and attention of its customers and the public.