Sany Heavy joins group to launch Hunan private bank

　　　　Heavy equipment producer Sany Heavy Industry Co Ltd said last Friday it is preparing for the launch of the first private bank in Changsha, Central China's Hunan province along with several other companies. With a registered capital of 3 billion yuan ($486 million), the Sanxiang Bank Co Ltd is still waiting for government approval. Sany Automation, a wholly owned subsidiary of Sany Heavy, will hold 12 percent of the bank's shares and Sany Group Co Ltd will hold 18 percent. Other major initiators include Hunan Hansen Pharmaceutical Co Ltd (15 percent), Yonker Environmental Protection Co Ltd (14 percent) and Gongchuang Group (10 percent). Earlier this year, the China Banking Regulatory Commission approved the establishment of five private banks.