A Suning Commerce Group Co store in Changzhou, Jiangsu province.[Photo/China Daily]

China's leading home appliance retailer Suning is to set up a consumer finance company.

China's banking regulator has approved the move.

Suning will file an application for the official launch of the company within six months, after preparations are completed.

The new company will focus on personal consumer loans, selling financial bonds, and other consumer finance products.

It will have registered capital of 300 million yuan, or $48 million.

Suning will own 49 percent of the company while the Bank of Nanjing will hold 20 percent, with other shareholders taking the rest.