Australia and New Zealand Bank has expanded its China franchise with the opening of a new sub-branch in the busiest part of Guangzhou.

The new branch is located at the TianHe district and complements ANZ's growth strategy for the Pearl River Delta area. To-date, ANZ China has seven outlets in Beijing, Chongqing, Guangzhou and Shanghai. The company plans to build a network of 20 branches in the country.

"The TianHe sub-branch will provide clients with easy access to banking services from a location convenient to Guangzhou’s busiest commercial street, and will offer a wide range of services including deposits, mortgages, wealth management and international banking services for overseas study and migration," said Charles Li, chief executive of ANZ China.

ANZ has been operating in China since 1986 but it was not until 2010 when it was incorporated. It has partnerships with Shanghai Rural Commercial Bank and Bank of Tianjin.