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Sany Group-led consortium establishes private bank

A Sany Group-led consortium established a new commercial bank which will focus on Chinese manufacturers, Xinhua News Agency reported Dec. 27.

Sanxiang Bank was set up in the province of Hunan, China with a capital of 3 billion yuan. The bank was established by 10 private companies.

Sanxiang Bank is China's eighth private commercial bank since the regulator launched a trial program to bring private capital into the country's state-dominated banking sector.

Sany Group is the parent of Sany Heavy Industry Co., a manufacturer of heavy machinery.

As of Dec. 26, US$1 was equivalent to 6.95 Chinese yuan.