Chinese Retailer Suning Launches Private Internet Bank

Jiangsu Suning Bank Co., Ltd., a private online bank backed by Suning Commerce Group Co., Ltd., officially launched Friday, as the Chinese retailer continues its diversification into financial services.

Suning Bank, which counts Suning Commerce and Jiangsu Sunrain Solar Energy Co., Ltd. as its largest shareholders, is one of only 17 private banks currently permitted by Chinese banking regulators.

Tencent-backed WeBank, Alibaba-backed MyBank, XW Bank, backed by Chinese smartphone maker Xiaomi Inc., and Jilin Yilian Bank, affiliated with Chinese on-demand local services giant Meituan Dianping, are among the 13 private banks established over the past couple of years.

These private banks have amassed total assets of RMB180 billion (US$26.4 billion) as of the end of 2016. The first five banks established, including Alibaba's MyBank and ...

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