The mega-sized stock market listings of Chinese banks in Hong Kong in the years around the global financial crisis were manna from heaven for investment banks.
For some, it was their own investments as much as the fees on deals that really helped their Asian arms.
Bank of America Merrill Lynch made 90 per cent of its Asian profits from selling shares in China Construction Bank in 2009 and 86 per cent of Asian profits from such sales in 2011.
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