Australian banking giant ANZ has expanded its footprint in China by launching a new branch in Qingdao, Shandong Province.

The new branch will cover the entire Shandong Province, delivering products and services for corporate customers.

ANZ China and head of Greater China CEO Huang Xiaoguang said: "Opening the new branch in Qingdao is another step in continuing to grow our business in China.

"As the only locally incorporated Australian bank in China, we will further enhance our capability to provide comprehensive solutions and services to support local enterprises to go abroad."

ANZ CEO Mike Smith added: "With our new branch, we look forward to enhancing cooperation with the Qingdao and Shandong Government, and to continuing to support the development of the local financial industry."

The Australian lender set up a presence in China in 1986 and was locally incorporated in 2010.

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It operates branches in Beijing, Shanghai, Guangzhou, Chongqing, Chengdu and Hangzhou and also has an operations centre in Chengdu.