Suning Commerce Group Co Ltd, a leading home appliance retailer, released a statement confirming that it plans to apply to launch Suning Bank.

This is the latest move among private-owned enterprises to apply to set up banks.

A number of businessmen in Wenzhou, Zhejiang province, have submitted proposals to set up banks over the last two years. 

The State Council issued an advisory document in 2010 to encourage and guide the healthy development of private investment in the financial sector. 

The State Council held an executive meeting in June on how to launch private-run banks and financial agencies with private capital on a trial basis.