Bank of Beijing plans to open its first sub-branch in Shanghai this year in the suburban area to boost its business among small and medium companies.

The Beijing-based commercial bank is awaiting the green light from the Shanghai bureau of the China Banking Regulatory Commission to expand, said Shen Jianfeng, assistant president of the bank's Shanghai branch.

The bank opened its first branch in Shanghai in October and plans more outlets in the city. The location of future sub-branches are in line with the bank's development strategy.

The bank is targeting small and medium enterprises as key customers, and will also boost its online banking services to make up for its limited network in Shanghai.

The bank also offers consulting services for SMEs to help them maximize their business opportunities and further expand their income channels. The city bank will further step out of its headquarters by foraying into cities like Xi'an and Shenzhen, the bank said earlier. The bank has already set up a branch in Tianjin.