State Street is relocating its 1000-strong Chinese technology and back office support unit to bigger offices capable of housing an additional 1000 workers.
The US banks says the opening of the new offices in Hangzhou marks a new phase of the firm's business expansion in China.
Joseph Antonellis, vice chairman of State Street Corporation, says: "Our new Tian Tang offices here in Hangzhou underscore our commitment to China and will enable us to expand the products and solutions we provide for our clients."
The bank first set up shop in Hangzhou in 2001 in partnership with Zhejiang University to develop inhouse and client-facing technology. It now employs more than 1000 staff in software development and technology support, fund accounting, reconciliation and portfolio accounting system sales and support.
The new offices opened for occupancy in October last year and State Street has been gradually relocating its Hangzhou employees to the facility. Tian Tang has approximately 20,000 square meters of floor-space and the capacity for 2000 work-stations.