On May 10th, Shanghai Banking Association held the establishment ceremony and first meeting of Foreign Banks Committee. The Bank of East Asia (China) Limited was elected the Director of the Committee, Commerzbank A.G, Shanghai Branch, HSBC Bank (China) Limited and Bank of Tokyo-Mitsubishi UFJ (China) Ltd. were elected the Deputy Directors at the same time.

The Foreign Banks Committee is comprised of 28 foreign bank members. For the purpose of advocating common interests, the Committee aims to encourage the cooperation between foreign banks and the Chinese-funded banks to jointly maintain a fair competitive market environment, promote the consistent, stable and healthy development of Shanghai banking industry, and contribute to the construction of Shanghai International Financial Center.