Bank to speed up expansion on mainland

Guangzhou Securities Co of the group received the go-ahead from the mainland regulatory body to acquire a 80.47 percent stake in Teemrise Securities Co, which runs an extensive network in northern China, in January.

The group aims to list Guangzhou Securities Co by 2016 and its financial leasing unit later, Zhang said.

The group owns three Hong Kong-listed arms — Yuexiu Property Company, GZI Real Estate Investment Trust and Yuexiu Transport Infrastructure.

The Guangzhou city government increased capital in Yuexiu Group to support the acquisition of Chong Hing Bank, Zhang said.

In December, the Guangzhou city government announced its decision to build Guangzhou into a regional financial center.

Added value from the financial industry is expected to account for more than 8 percent of the gross domestic product of Guangzhou by 2015 and more than 10 percent by 2020.

The city government pledged to strengthen cooperation with Hong Kong, Macao and Taiwan in the financial industry, including the building of a Guangzhou-Hong Kong-Macao financial cooperation demonstration zone in Nansha New Area in Guangzhou.