Suning Applies for Banking License

Tencent Tech, 8/21/13

Chinese consumer electronics and home appliances retailer Suning (002024.SZ) has confirmed that the company is actively applying for a banking license, and that the company has also applied for related domain names to host an online banking site (sunabank.com, sunabank.cn, etc).

China's State Council issued a directive in early July permitting private equity groups to establish private banking institutions. The directive is aimed at opening up a new channel for private capital to enter the financial sector.

Editor's Note: For more information on this topic, please see "Suning to Launch Small Loan Company in Chongqing," MD 12/06/12 and "Suning.com to Provide Financing for Upstream Suppliers," MD 3/26/13 issues.

Keywords: financing Internet license online banking Suning 002024.SZ Suning Yigou e-commerce

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