Two years ago China's Minsheng Bank blazed a trail by spending about $100m on 4.9 per cent of San Francisco-based UCBH – the first Chinese minority investment into an American bank. Now, having doubled its stake last December, Minsheng is reported to be considering boosting its holding to at least 50 per cent.

This is a smart move, for two reasons. UCBH, the fourth-largest bank based in California, is a TARP beneficiary, under pressure to bolster capital. Chinese companies in various industries have crow-barred their way into overseas cash flows by assisting distressed asset-holders. There is no reason why financial services should sit this out.

Meanwhile, diversifying revenues away from China makes sense – not just for Beijing-based Minsheng, China's eighth largest bank by assets. At ICBC, the nation's number one – currently preparing to relieve the Thai government of a stake in Thailand's ACL Bank – income streams from Indonesia, Macau, South Africa and Canada provided just under 2 per cent of operating income last year.