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-Chinese appliance firm plans to set up bank.

Global Banking News-September 26, 2013--Chinese appliance firm plans to set up bank(C)2013 ENPublishing -

Global Banking News - 26 September 2013

Gree Electric Appliances Inc of China is set to become the second company from the industry to enter the country's banking sector.

Gree reported that its unit, Zhuhai Gree Finance Co Ltd, was in preliminary talks with Zhuhai Hengqin Village Bank to discuss a possible deal. No agreement has however yet been reached, confirmed the company.

Gree, which has a market value of USD14bn, will be following in the footsteps of Suning Commerce Group Co Ltd, another Chinese appliance company which recently announced its intention to enter the financial sector.

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Publication:Global Banking News (GBN)
Date:Sep 26, 2013
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