Yuexiu Group, the largest State-owned enterprise in Guangzhou, is buying a 75% stake in Hong Kong’s Chong Hing Bank for HK$11.64 billion, Chinanews reports.

Yuexiu Group’s partnership with Chong Hing Bank marks the first time a non-financial institution has purchased a Hong Kong bank in the past 27 years. It will be an historic opportunity for Chong Hing, too, as Hong Kong and Guangzhou develop more closely together. Yuexiu said Chong Hing will maintain its steady business in Hong Kong while utilizing its connection with Yuexiu to speed up its business in Mainland China.

If you’ve been to Hong Kong, you’ve no doubt seen Chong Hing’s branches around the city. It has been around for 60 years and has the lowest default rates of any bank in the territory. Guangzhou’s government backs the investment and has granted Yuexiu RMB4 billion in loans.