"We know Chinese banks want to learn how international banks operate wealth management, innovate and provide quality service," she said.

To gain a toehold in the mainland's competitive retail market, overseas institutions are bumping up efforts to put forward personalized products and services targeting high-end consumers.

According to China UnionPay, all four overseas institutions that have been locally incorporated have contacted the nation's largest credit card company to seek support to enter that market.

"They could offer very attractive personalized services with plastic cards that combine different features, which make them stand out from cards issued by their local rivals," said Yan Qiang, UnionPay's assistant president.

"I'm convinced that foreign banks will improve the Chinese banking industry as a whole," said Fang Xinghai, deputy director of Shanghai Municipal Government Financial Services Office.

(China Daily 05/22/2007 page15)