BEIJING, Jan 26 (Reuters) - China Huarong Asset Management Co, the country's biggest distressed debt manager by assets, on Tuesday launched a consumer finance company, the latest step in the company's bid to become a fully-fledged financial conglomerate.
Huarong Consumer Finance Co, based in the eastern city of Hefei, will allow Huarong to "expand from corporate business to retail business, and from traditional finance to internet finance," Huarong said in a press release.
The new firm is the first consumer finance company set up by a state-owned asset manager, Huarong said.
Huarong Consumer Finance will hold initial registered capital of 600 million yuan ($91.20 million), with 55 percent contributed by China Huarong and the remainder from three other domestic companies. ($1 = 6.5790 Chinese yuan renminbi) (Reporting By Shu Zhang and Matthew Miller; Editing by Miral Fahmy)