Guangdong Development Bank (GD Bank), which has made the first acquisition in China's financial industry, is capitalising on the extensive business network of the company it bought, Zhongyin Trust and Investment Corp (ZYTIC), for faster expansion.
The bank opened six branches in the first four months after it took over Beijing-based ZYTIC from the People's Bank of China (PBOC) in October.
The new branches are in Beijing, Shanghai, Dalian, Nanjing, Hangzhou and Kunming - all beyond its home base in Guangdong province.
Executive vice-president Wang Xin said the locations were chosen because ZYTIC had strong asset exposure and client bases in those centres.
The PBOC approved the buyout on October 5, ending a year of administrative custody by the bank of the trust and investment firm, which went broke in October 1995 because of poor management and performance.
The takeover was the first of its kind in China as well as the largest in value at that time.
