Thanks to a raging bull market that sent their stock prices soaring, Industrial and Commercial Bank of China, China Construction Bank and Bank of China became the biggest banks in the world in terms of market capitalisation.
And as their international counterparts posted record losses, these banks soon became the most profitable in the world as well, buoyed by average net profit increases of well over 50 per cent.
With huge cash reserves from recent initial public offerings in Hong Kong and Shanghai, the Chinese banks announced their intention to go on a global shopping spree with the blessing of the government, taking stakes in storied western institutions that would help them expand internationally and acquire international expertise.
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