Chinese appliance maker plans to open private bank

The Chinese home appliance maker, Gree Electric Appliances of Zhuhai (000651.SHE) plans to open up its own private bank, Reuters reported. The announcement comes after Suning Commerce Group (002024.SHE), China’s largest appliance maker, stated that it will move into the financial industry last month. The State Administration Industry & Commerce said the name “Suning Bank” has been approved for use, sparking hope that private companies can run retail banks. Gree said on Wednesday that Zhuhai Gree Group Finance is in early talks with Zhuhai Hengqin Village Bank but no agreement has been reached.