Australia and New Zealand Banking Group (ANZ) announced Thursday it is opening a branch in Chongqing to take advantage of southwest China's booming financial services market.

"Chongqing is a strategically important market for ANZ and we are committed to supporting its development as a major financial centre in western China," ANZ CEO Mike Smith said.

Since entering China in 1986, ANZ has established four branches - in Beijing, Shanghai, Guangzhou and now Chongqing. It has 20 percent shareholdings in Shanghai Rural Commercial Bank and the Bank of Tianjin, and owns outright a rural bank in Chongqing municipality - Chongqing Liangping ANZ Rural Bank.

Chongqing's GDP growth rate was 17.1 percent last year, the second highest in China. The city is developing into a major regional financial center with more financial services companies than any other city in west China.

China's business press carried the story above on Friday. China.org.cn has not checked the stories and does not vouch for their accuracy.