More foreign banks are reported to line up to open branches in Shanghai as the city's status as an international financial center attracts more financial institutions and its geo-economic pivotal position generates more trade and transactions.

The Swiss Bank, one of the world's largest wealth management and investment banks, has been given permission to open a branch in Shanghai, the Pudong Times reported on Aug 5.

This is the first foreign bank approved by the Shanghai Banking Regulatory Bureau in 2015. The Bureau approved a total of six foreign banks to open branches in Shanghai in 2014.

According to the statistics released by the Bureau, as at the end of 2014, more than half of the foreign-funded banks and branches of foreign banks operating in China were registered in Shanghai. The combined assets of foreign banks in Shanghai account for 47.3 percent of the total assets by all foreign banks in China.

Foreign banks also occupy a larger share in Shanghai's banking market, accounting for 11.7 percent of the market, 10 percent higher than the national average.

Foreign banks settling in Shanghai contribute to consolidating Shanghai's position as an international financial center. They strive to develop cross-border businesses and support Chinese and foreign enterprises to expand businesses overseas.

Edited by Mevlut Katik