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Gree eyes forming private bank to tap needs
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A UNIT of China’s Gree Electric Appliances Inc of Zhuhai plans to set up a private bank, the second Chinese home appliance player to eye a move into the financial industry after Suning Commerce Group Co unveiled its own plans last month.
Gree, with a market value of US$14 billion, has said in a filing to the Shenzhen Stock Exchange that Zhuhai Gree Group Finance Co is in initial talks with Zhuhai Hengqin Village Bank, but said no deal has been reached.
Gree, the country’s top appliance maker by sales, gave no further details.
Suning, which is seen by some as China’s answer to Best Buy Co Inc, said in August that it had submitted an initial application to create a private bank in China, more than a week after the country unveiled plans for more financial institutions for cash-starved smaller firms.
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