The China Everbright Bank (CEB) has opened its First Australian branch to be located in Sydney’s Newly constructed Barangaroo District.

A gala event was held at the city’s convention hall Monday, attended by dignitaries and representatives from both the Australian and Chinese banking industries.

The office is the company’s first in the southern hemisphere and makes CEB the seventh Chinese bank to be operating in Australia, all of which are headquartered in Sydney.

By expanding into Australia, CEB’s Chief Executive Officer Ge Haijiao said the company hopes to help facilitate the unique trade relationship that exists between the two countries.

“The establishment of CEB Sydney is symbolic of the growing commercial ties between Australia and China,” Ge said.

“CEB Sydney branch is well placed to grasp the strategic opportunities of the Belt and Road Initiative and the China-Australia Free Trade Agreement.”

Deputy Chair of the Australian Prudential Regulation Authority John Lonsdale said that CEB’s attainment of a license to operate in Australia reflected the institution’s high standards and ability to meet its financial promises to depositors.

Last year CEB was ranked No.39 on a list of the world’s top 1,000 banks by the British Banker magazine.