Goldman Sachs Group Inc President Gary Cohn said he's "bullish" on China even after his firm last week sold a $1 billion stake in Industrial & Commercial Bank of China Ltd, the nation's largest bank.

"You can absolutely still make money off Chinese banks," Cohn said, without naming specific banks. "We are very positive, optimistic, but cautious, about where China's going." Goldman Sachs's sale of the stake followed an almost 50 percent advance in ICBC stock from its 2012 low.

Investing in local lenders in China has reaped bigger profits for foreign banks than operating their own franchises in the world's second-largest banking market.