The global financial crisis is changing the international financial landscape. While U.S. and British banks have fallen in stature due to risky investments and unreasonable mergers, Chinese banks, which have been managing their funds conservatively, are advancing, buoyed by the country's economic growth.

According to the Financial Times' coverage of the shift in rankings of global financial institutions in terms of market capitalization over the past 10 years, 11 of the top 20 global banks in 1999 were American, while four were British. But as of Mar. 17 this year, only four are American and one is British.

In contrast, five Chinese banks rose to the top 20 global financial institutions, including China Industrial and Commercial Bank, which ranked first with a market capitalization of US$175.3 billion. The top three banks in terms of market capitalization were all Chinese. China Construction Bank ($128.7 billion) came in second, while the Bank of China ($112.8 billion) was third. China Bank of Communications (12th place) and China Merchants Bank (17th place) also entered the top 20 after first being listed just two to three years ago.

Citigroup of the United States, which ranked first in 1999 with a total market capitalization of $150.9 billion, dropped out of the top 20, as its market capitalization declined more than 90 percent to $13.7 billion. Before the financial crisis erupted in 2007, Citigroup consistently ranked top, but the bank has been relegated to surviving on infusions of government aid money.

Bank of America, which ranked second in 1999, tumbled to 11th place after it became mired in debt following its purchase of near-bankrupt investment bank Merrill Lynch. JP Morgan Chase, presently the largest U.S. bank, ranked fourth in the world. Created through the mergers of JP Morgan, Bank One, Washington Mutual and Chase Manhattan, its market capitalization is just $94.5 billion, half of what it was 10 years ago.