An artist's design of Lujiazui, the financial center in Shanghai [Photo/Pudong News]

Seven domestic and foreign financial institutions were collectively opened in Shanghai on Feb 28, a reflection of the metropolis' high-level opening-up in the financial sector and its outstanding business environment, officials said. 

The institutions are the Shanghai branch of First Abu Dhabi Bank; the capital operation centers of the Agricultural Bank of China, China Merchants Bank and Evergrowing Bank; the private banking arm of Industrial Bank Co; the technological arm of China Pacific Insurance; and Schroder BOCOM Wealth Management Co. Among them, four are based in Pudong New Area.

Notably, the Shanghai branch of FAB, which is the largest bank in the United Arab Emirates, is FAB's first branch on Chinese mainland, following the establishment of its representative office in Shanghai in 2012.

In addition, Schroder BOCOM Wealth Management Co is China's third international joint venture wealth management company, following Amundi BOC Wealth Management and BlackRock CCB Wealth Management. Shanghai is home to all three of them. 

Shanghai has been preparing to become a worldwide wealth management center as a growing number of foreign financial heavyweights have assembled in the city, according to officials.