SMBC Consumer Finance Co. plans to set up a subsidiary in Tianjin to boost its unsecured loan business in China, informed sources said. 

 

The Tianjin unit, to be wholly owned by Promise (Hong Kong) Co., a subsidiary of the Japanese consumer lender, will offer unsecured loans to individuals after receiving Chinese regulatory approval, the sources said. 

 

This will be SMBC Consumer Finance's third foothold in China, which the company sees as a promising market expected to become a primary source of revenue, the sources said. The consumer finance unit of Sumitomo Mitsui Financial Group Inc. formed a joint venture in Shenzhen in 2010 while setting up a wholly owned unit in Shenyang in 2011. 

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