ANZ has opened a branch in Hangzhou, China, to support trade in the Zhejiang province.

ANZ Hangzhou will cover the entire Zhejiang province and offer products and services including trade and supply chain, cash management, markets and relationship banking services for corporate customers as services for individual customers.

ANZ CEO Mike Smith says: “Hangzhou is an important contributor to economic growth and development of the Yangtze River Delta which is a strategic market for ANZ in China. With a large number of private business and Asian companies established in Zhejiang province and its increasing connectivity with Australia and New Zealand, it makes sense for ANZ to expand here to support the growing trade, investment and people flows across the region.”

Hangzhou is the home of a large manufacturing base and information technology industry and serves as the trade and logistics hub for China’s east coast. The city’s economy has recorded double-digit annual GDP growth rate over the past two decades.

ANZ has had a presence in China since 1986, with branches in Shanghai, Beijing, Guangzhou, Chongqing and Hangzhou.