Hong Kong-based Hang Seng Bank has received approval to establish a sub-branch in the Shanghai Free Trade Zone, joining the list of big-name banks to set up  in what could well be an international financial services hub. 

The groundwork for the sub-branch is still in the process of completion, but the bank had said in a statement that will be focused on cross-border financial services. Other foreign banks with a presence in the FTZ are DBS, HSBC and Bank of East Asia.

Hang Seng bank has around 220 services outlets, including one in Shenzhen for its foreign currency wholesale business. Hang Seng Bank (China), its wholly-owned subsidiary, operates 12 branches and 36 sub-branches in the mainland. 

The bank records some HK$1.1 trillion ($142 billion) in total assets as at 30 June 2013.