Sunflower, the UK-based company that has a strong presence in Asia, is set to open a bank in Hong Kong, according to a report in The Financial Times.
The move comes amid rising pressure on the Chinese financial sector, as Beijing seeks to boost the domestic market by buying up companies in the West.
Sunflower will be based in HongKong, an island city in the western part of the Chinese mainland, where the company has been investing for years.
It is unclear what the bank’s business will be.
Sunbank was founded in Hongkong in 2006 and has offices in Sydney, Hong Kong and Singapore.
It has a long history in Asia and the Philippines, having started operations in Hong Kong in 1993.
Sunflowers stock has surged in recent months following the announcement of a $1 billion loan from Sunflower’s parent company, China Securities Finance Corp. Sunmark, another company based in the Philippines that owns a controlling stake in Sunflower as well as other Sunflower businesses, also announced a $9.7 billion loan earlier this year.
Sunbanks CEO and founder of Sunflower bank, Li Jingyi, said the bank will invest $1.5 billion to help build a new branch in Hong Kwang and will establish a new subsidiary, the Bank of Southern Cross, in Hong Lim in 2020.
Sunseed bank’s announcement comes a day after it announced a new $100 million funding round.
Sunblock’s new venture has been focused on providing innovative technology solutions and technology services for its customers.
SunFlowers chief executive Li Jingyian told The Financial Post that the bank hopes to become one of the top 10 financial services providers in Asia by 2020.
Li said the company will continue to invest heavily in technology and technology innovation.
Sunblocks current customers include Sunflower and the Chinese People’s Bank of China, and its existing customers include China Unicom, Sunmark Bank and Sunflower.
Sunfonds chief executive Wang Jianli said Sunbank plans to invest more than $2 billion in its existing branches and will also invest in new financial services.
Sunflake’s new ventures include Sunbank and Sunmark.
Sunstar Bank and Bank of New York and New Jersey are the largest banks in the U.S. SunStar is a subsidiary of Sunflower and Sunbank.
SunStarter, which has offices at the same location as Sunflows branch, is a private, privately-held bank that is based in Shanghai.
The New York-based bank is one of Sunbank’s most well-known assets.
Sunstars new venture is focused on digital payments and blockchain technology, according the company’s website.
Sunstarter is also a subsidiary and wholly owned subsidiary of China Unicomp and Sunblock.