As more overseas banks rush into the mainland, ties between homegrown and overseas banks are also strengthened.

All four domestic banks incorporated in Shanghai - Bank of Communication, Shanghai Pudong Development Bank, Bank of Shanghai and Shanghai Rural Commercial Bank - have teamed up with overseas strategic investors to leverage partners' rich experiences in internal risk control, retail banking and marketing.

It is expected that outstanding loans from banks in Shanghai will top 3.2 trillion yuan by 2010, with the figure for deposits hitting 4.5 trillion yuan.

Shanghai aims to build the city into an international financial hub by 2010.

AXA hires up to 100 new insurance agents each month to support its booming business in China.

"We will grow bigger and better in Shanghai," said McCarry.

Overseas Insurers in Shanghai

The number of overseas insurers in Shanghai was 24, more than one third of the total number of insurance companies.

Premiums from overseas insurers in the first 11 months were 7.03 billion yuan, up 34.8 percent from the same period of 2005, accounting for 19.12 percent of the total premiums in the city.

overseas banks in Shanghai

Total assets of overseas banks topped US$60 billion by the end of October last year, with a yearly average growth of 31.3 percent in the past five years.

There were 94 outlets in the city as of the end of October last year, up 42 outlets than five year ago.

Loans from overseas banks accounted for 14.2 percent of total lending in the city, up 2.3 percentage points than a year ago.

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