China's leading heavy-machinery manufacturer, Sany is to be allowed to open a commercial bank in partnership with other firms, the company announced Tuesday.
The planned Sanxiang Bank, approved by the China Banking Regulatory Commission (CBRC), will be based in Changsha, capital of central China's Hunan Province. It is the eighth private bank approved by the CBRC and Hunan's first.
The bank's planned registered capital is 3 billion yuan (about 450 million U.S. dollars).
