Sweden's SEB may upgrade its Beijing representative office into a branch on rising China business, bankers said Wednesday.

The bank has already set up a branch in Shanghai in 2005 to follow the Nordic companies' investment business flow to China. The bank opened its Beijing office in 1983 and the office could be its next branch on its expansion plan in China as it is positive on the country's economic growth. The bank expects China's economy to grow 9.5 percent this year.

The bank is keen to work with Chinese financial companies to tap the financial market in Nordic countries, with the qualified domestic institutional investor program one of the main options.

China allows banks and fund management companies to help its individuals invest abroad through the so-called QDII program to diversify retail investment options and trim its foreign exchange reserves.