Suning Commerce Group Co Ltd, a leading home appliance retailer, is planning to apply for permission to launch a private bank to create a financial business, the company said on Wednesday.

No further details have been released by the group about the application for Suning Bank because the company is still preparing more detailed proposals.

"It will be another move by a privately owned enterprise to apply to enter the sector in an attempt to upgrade its company structure after several businessmen in Wenzhou, Zhejiang province, submitted such a proposal in 2011," said She Minhua, a senior banking analyst at Zhongde Securities Co.