It was only five years ago that western lenders had the capital and confidence to spend tens of billions of dollars to acquire stakes in Chinese lenders. How times have changed.
The state-owned banking system was technically insolvent and its institutions riddled with bad debts and outmoded lending practices.
Beijing hoped that allowing in overseas investors would help to recapitalise its banks, modernise risk management and bolster sentiment ahead of planned initial public offerings by its top lenders.
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