Sumitomo Mitsui Banking Corp. said Friday it will open a branch in Hangzhou, China, on Monday, becoming the first foreign bank to do so.
The move is aimed at expanding the bank's operations in areas along the Yangtze delta region, where many Japanese companies have established businesses to benefit from China's red-hot economic growth.
Sumitomo Mitsui Banking currently has two branches, one in Shanghai and another in Suzhou.
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