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Chinese banks have made enormous improvements in their operations over the last decade, but now they have to modernize even more rapidly as foreign banks aggressively enter the renminbi market following opening of the sector on December 11.

In fact, many foreign banks are already underway with ambitious expansion plans.

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Bank of East Asia has plans to double the number of its outlets on the Chinese mainland over the next three years from the current 30 to 60. HSBC says it will hire 1,000 employees this year alone to cope with its increasing business.

While the number of foreign bank outlets may look tiny compared to big Chinese banks, each boasting more than 10,000 outlets, their impact should not be underestimated.

With limited number of outlets, most foreign banks have made it their strategy to target high-end Chinese customers - long the profit center for Chinese banks.

There are now thought to be 320,000 people on the mainland whose personal assets exceed $1 million. And the number is climbing fast.

At present, 20 percent of customers at Chinese banks generate 80 percent of the banks' profits. And 20 percent of the customers own 80 percent of the bank deposits.

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