Before the Asian crisis Thai banks were worth $200 billion. After the baht's devaluation they're worth $125 billion in dollar terms. Foreign companies wanting an Asian presence should move now - things will never be as cheap again.
"If you believe in Asia long-term you should be looking at what you can buy on the cheap," says Gregory Root, president of rating agency Thompson BankWatch. And Asian resistance to foreign ownership is at its lowest. Root reckons Latin America is a precedent.
"Latin Americans weren't open to foreign ownership in a big way. They were as closed to [the idea of] foreign ownership and as nationalistic as the Asians," he says. "But look at it now. In Argentina foreign ownership of banks is 70%. There are almost no significant private-sector banks remaining independent."
Could Asia go the same way? Even in the first weeks of the crisis there have been dramatic moves, such as the $200 million minority stake taken by Zurich in Peregrine Investment Holdings of Hong Kong.
In the distressed Thai banking sector several commercial banks have indicated they would consider foreign partners.