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According to a study by Boston Consulting Group three Chinese institutions were among the world’s top four banks at the end of 2007. This happened at a time when the market capitalization of western banks was suffering from a global financial crisis. Here is the list of top 6 banks according to that study.

1. Industrial and Commercial Bank of China (China)
2. China Construction Bank (China)
3. HSBC (Great Britain)
4. Bank of China (China)
5. Bank of America (USA)
6. Citigroup (USA)

The Industrial and Commercial Bank of China has a market capitalization of nearly $340 billion.

Banks in North America and Western Europe had suffered a loss of $695 billion in market capitalization at the end of 2007 while their counterparts in emerging market countries Brazil, Russia, China and India had seen their market capitalization increase by $753 billion.

Major US and European banks have suffered losses and asset write downs stemming from the near collapse of US sub prime – high risk – mortgage sector, which undermined the value of billions of dollars’ worth of their mortgage backed securities.