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Suning enters finance
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SUNING Commerce Group Co said it has received permission to set up a consumer finance company from China’s banking watchdog.
China’s leading home appliance retailer said in a stock exchange filing yesterday that the China Banking Regulatory Commission has approved the company to start preparations to set up the consumer finance company. Its scope includes personal consumer loans, selling financial bonds and other consumer finance products.
Suning will file an application for the official launch of the company to the banking authorities in Jiangsu Province when the preparations are done within six months.
Suning will own 49 percent of the company which will have a registered capital of 300 million yuan (US$48.2 million).
The Bank of Nanjing will hold 20 percent, with other shareholders, including BNP Paribas Personal Finance and Jiangsu Yanghe Brewery Joint-Stock Co, taking the rest.
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