A total of 13 international banks and 14 international insurance companies have set up branches in Chengdu, while many others are awaiting approval from the China Banking Regulatory Commission to do so, Ren said.
"We hope the central government will speed up its approval process, so that we can attract more foreign financial institutions," he said.
The global networking system adopted by most of the international banks helps them provide commercial loans to multinational corporations through their branches in Chengdu, saving valuable time.
Xie Ling, the branch manager-designate for HSBC Bank (China) Co Ltd, said that if a London-based Fortune Global 500 company wants to set up a subsidiary in Chengdu, the parent company can make a financial guarantee to HSBC in the UK, and receive sufficient credit from the banking giant's Chengdu branch.
"It happens a lot in Chengdu now, and we actually invite many of our global clients to invest in Chengdu through the network," she said.
Xie, who was transferred to Chengdu lately from Xiamen, a major city in Fujian province, said she is amazed by the southwestern city.
"It is not just me, but every other co-worker from HSBC who has been to Chengdu. Many of them frequently flying in and out of the city are amazed by this highly developed and very international city," Xie said.
HSBC was one of the first foreign banks to start operating in Chengdu, opening a branch office in 1996 on the ground floor of Plaza Central, one of the earliest business complexes in downtown Chengdu.
Early next year, Xie will lead the branch in moving its offices from the downtown area to Tianfu Software Park in the south of the city.
"Our business is expanding rapidly in Chengdu, and we need more space to run our operations," Xie said.
HSBC was also the first international bank to be given regulatory approval to set up rural banks in China, and considers Chengdu a pivot for achieving these goals in western China.
"From the region, we will be able to cover vast tracts of the rural market in China. We believe this rural market has tremendous growth potential. HSBC will continue increasing its investments and services in the western regions to cash in on the huge growth opportunities," Xie added.
Many other international banks are also looking to increase their localized services in Chengdu.
Citibank's Chengdu branch has set up a commercial division targeting small and medium-sized enterprises in the city.
Rang Youmin, branch manager in Chengdu for Citibank (China) Co Ltd, said: "Besides top-tier local companies and foreign-invested enterprises in Chengdu, we also provide a full suite of products and services to SMEs, including cash management, trade finance and services, treasury products and corporate finance."
Much of the confidence shown by international financial institutions comes from the strong impetus provided by the local government to create a stable financial environment in the city.
Ren said: "Most of the employees in Chengdu's foreign banks are local hires. Graduates from universities such as Southwestern University of Finance and Economics as well as the University of Electronic Science and Technology of China, provide a good base for financial industry talent and the related financial outsourcing services in Chengdu."
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