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Shanghai's banking watchdog is predicting that more foreign-funded banks will come to the city's financial center.

 

Foreign-funded banks were generally positive towards the Chinese market, the Beijing-based China Securities Journal reported Wednesday.

 

The journal cited a blueprint of foreign-funded banks in Shanghai that was unveiled by the Shanghai Municipal Banking Regulatory Bureau.

 

Shanghai witnessed an increasing number of foreign banks coming into the city in the past three years, the bureau said.

 

By the end of March, Shanghai had registered 87 branches of foreign-funded banks or related financial institutions, including one money brokerage company and two auto finance companies.

 

This is 25 more than three years ago, and last year alone saw an increase of 18 new branches.

 

Four foreign banks and five foreign-funded banks are preparing to open branches to take advantage of the city's business potential, according to the bureau.

 

By the end of March, foreign-funded banks in Shanghai reported assets of over US$50 billion, accounting for 55 percent of the total assets of foreign banks in China, and 13 percent of the total assets of financial institutions in Shanghai.

 

In the past three years, foreign-funded banks saw their total assets grow by 50 percent annually, outstanding loans by 58.5 percent, and total deposits by 60.4 percent, the bureau said.

 

(Xinhua News Agency May 11, 2006)