The Industrial and Commercial Bank of China Asia has launched a new branch in Hong Kong aimed at affluent customers in the region, the bank's fourth new branch in six months.

The new office in Hong Kong's Quarry Bay features a so-called Elite Club Wealth Management Centre and a securities service, providing personal and private banking services. It takes the total number in the bank's personal banking network to 48. Other branches in Hong Kong and Kowloon are set to open in July 2011.

"Developing business in the Quarry Bay district is mainly because this is a traditional residential area of middle-class. As property prices are rising, many people with high asset portfolios have purchased property in these areas," said Stanley Wong, director and deputy general manager of ICBC Asia.

The Quarry Bay office is located at the prestigious Westlands Road.