Bank of Nanjing Co., Ltd. (SHSE:601009) agreed to acquire Suning Consumer Finance Co., Ltd. from Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. (SZSE:002304) for CNY 47.3 million on March 4, 2022. In a related transaction, Bank of Nanjing and BNP Paribas SA (ENXTPA:BNP) signed the Equity Transfer Agreement to acquire 39% stake in Suning Consumer Finance Co., Ltd. from Suning.com Co., Ltd. (SZSE:002024) for approximately CNY 370 million. Post completion of the transactions, Bank of Nanjing's take in Suning Consumer will increase from 15% to 56%. As of June 2021, Suning Consumer reported total assets of CNY 1,115 million and net assets of CNY 571 million. On January 13, 2022, the ninth meeting of the ninth Board of Directors of Bank of Nanjing reviewed and approved the Proposal on the Acquisition of Controlling Interests in Financial Institutions with Shares. The acquisition is still subject to regulatory approval. As of August 16, 2022, China Banking and Insurance Regulatory Commission approved the deal.

Bank of Nanjing Co., Ltd. (SHSE:601009) conpleted the acquisition of Suning Consumer Finance Co., Ltd. from Jiangsu Yanghe Brewery Joint-Stock Co., Ltd. (SZSE:002304) on August 30, 2022.