The number of foreign invested banks in Shenzhen currently numbers 38, 31 of which are operational entities by nature and 7 are representative offices. They represent a total asset value of 9.117 billion USD, ranking second among all major cities across China.

The expansion of foreign banks in Shenzhen is conducive to improving the influence and competitiveness of the whole banking sector of the city. It plays a pivotal role in building Shenzhen into a regional financial center. As the first of several Chinese cities that were opened to foreign banks after China's WTO accession, Shenzhen obviously had a first-mover advantage. In 2002, Taiwan's Hua Nan Commercial Bank and Bank of India set up their respective representative office in the city. In October 2003 came First Sino Bank. In December 2003, CITIC Ka Wah Bank made a successful bid to acquire China International Finance Corporation (Shenzhen). After the formal implementation of the CEPA, Shenzhen has become top on the list of cities Hong Kong banks are ready to penetrate. The 5 qualified Hong Kong banks, CITIC Ka Wah Bank, Wing Lung Bank, Dah Sing Bank, Shanghai Commercial Bank, and ICBC (Asia) opened their branches in the city in 2004. So far, Hong Kong banks with due credentials to open branch operations in the mainland have already done so in Shenzhen.

Source: Special Commissioner¡¯s Office in Shenzhen