Shanghai Pudong Development Bank (SPD Bank) opened a branch in Lhasa, capital of southwest China's Tibet Autonomous Region on Tuesday.

The bank also signed an agreement with the Tibetan regional government, the government of Lhasa city, and a local state-owned company to earmark 60 billion yuan (about 9.2 billion U.S. dollars) for local development, said Ji Xiaohui, president of SPD Bank.

It joins the booming financial sector in the region to support economic and social development in Tibet, he said.

The bank will meet the public need for financial services and offer financing and loans for infrastructure, engineering projects and other local industries.

Established in 1993, SPD Bank has over 1,700 branches and offices nationwide. Financial services in Tibet have grown rapidly in recent years.

By the end of 2015, Tibet had 14 financial institutions operating in the region. The assets of all financial institutions in Tibet reached 405.6 billion yuan as of the end of last year, about 2.4 times the figure in 2010.