NEW YORK (
) -- While financial sector merger and acquisition activity has virtually ground to a halt, deal makers in China have never been so busy, according to a recent report from
The investment banking number cruncher has tallied up $36.2 billion worth of deals so far this year targeting Chinese financial companies, the highest total ever. Meanwhile, deals targeting U.S. financial companies add up to $26.2 billion, the lowest total since at least 1995--which is as far back as
's data go. It is the first time financial deals in China have outpaced those in the U.S.
Taking advantage of the trend are
, respectively ranked first and second among advisors to Chinese financial companies being acquired, according to
The top Chinese financial deal so far this year was
's purchase of a 20% stake in
Shanghai Pudong Development Bank
for $5.8 billion. In the U.S., it was
Bank of New York Mellon
's $2.3 billion acquisition of
's global investment servicing business, though a
Discover Financial Services
and the federal government would have been worth more if it were all counted as a single deal instead of three separate ones.
Written by Dan Freed in New York
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.