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Suning wins approval to set up consumer finance unit
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China's leading home appliance retailer Suning Commerce Group Co said it has received the permission from China's securities watchdog to set up a consumer finance company.
Suning said in a stock exchange filing that the China Banking Regulatory Commission has given it the approval to start the preparation work for setting up a consumer finance company.
It shall file for the official launch of the company to the banking regulatory authorities in Jiangsu Province when the preparation work is completed.
The consumer finance company has a registration capital of 300 million yuan (US$48.8 million). Suning Commerce Group will hold a 49 percent stake with Nanjing Bank holding 20 percent. Other shareholders include BNP Paribas Personal Finance and Jiangsu Yanghe Brewery Joint-Stock Co Ltd.
The preparation work shall be completed within 6 months and its businesses scopes include personal consumer loans, issuance of financial bonds as well as other consumer finance products.
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