Ullens Center for Contemporary Art will work with Minsheng Art Museum, which is fully funded by the private Minsheng Bank, to promote contemporary art in China and the world. The two museums signed corporation intention contract on April 2.

The cooperation is the first of its kind in China. Though no specific projects were mentioned, the two museums agreed to train art professionals, co-curate exhibitions and facilitate academic communication.

UCCA founder Guy Ullens said he wanted to build a "super Chinese art institution" instead of acting as a foreign organization in China. He has been collecting art from around the world for more than 30 years and began collecting Chinese works in the 1980s. He opened UCCA in Beijing 798 Art Zone in 2007 to share his collection with people.

Minsheng Art Museum is the first museum operated by a financial institution in China and aims to become a world-class art organization. Museum curator He Juxing, who is also brand manager of Minsheng Bank, said their ultimate goal was to make Chinese contributions to the development of art history.

"Our bank was born in China, but we will not limit ourselves in China," He said. "We look forward to cooperating and communicating with Western art institutions. We must possess something that can reflect values of people around the world before we make our own voices. Thus, in the coming five years, our major work is to tell the world about Chinese art and culture."

Minsheng Art Museum will open in Shanghai on April 18.