The administrative committee of Lingang new area of the Shanghai free trade zone (FTZ) has announced that United Overseas Bank (UOB) China is expected to open in the third quarter of this year.

The landing of the first foreign bank shows that foreign investors are full of confidence in the development prospects of Lingang and China's financial market, according to the administrative committee.

UOB China said it will continue to provide one-stop financial services for Chinese and foreign enterprises with its business network strength in ASEAN, while focusing on creating cross-border financial innovation solutions with policy advantages in Lingang.