Xinhua, Changsha :
Sany Group, the parent company of heavy machinery manufacturer Sany Heavy Industry Co. Ltd, on Monday led a group of ten private companies in setting up a commercial bank.
The Sanxiang Bank, based in Hunan Province, will operate with a registered capital of 3 billion yuan (435 million U.S. dollars). It is China’s eighth private commercial bank since the regulatory allowed private capital into the banking sector in 2013.
The Sanxiang Bank will focus on Chinese manufacturers, especially those investing heavily in technology.
Bank president Liang Zaizhong said that while operating with much less capital than state banks, it is China’s first bank associated with a major manufacturer.
Sany Group, the parent company of heavy machinery manufacturer Sany Heavy Industry Co. Ltd, on Monday led a group of ten private companies in setting up a commercial bank.
The Sanxiang Bank, based in Hunan Province, will operate with a registered capital of 3 billion yuan (435 million U.S. dollars). It is China’s eighth private commercial bank since the regulatory allowed private capital into the banking sector in 2013.
The Sanxiang Bank will focus on Chinese manufacturers, especially those investing heavily in technology.
Bank president Liang Zaizhong said that while operating with much less capital than state banks, it is China’s first bank associated with a major manufacturer.
