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Overseas Expansion Chinas banks are launching overseas expansion projects while multinational banks vie to start operations in China 　　By TAN WEI 　　The Industrial and Commercial Bank of China (ICBC), the worlds biggest lender by market value, will acquire a 20-percent stake in South Africas Standard Bank for $5.5 billion, said ICBC President Yang Kaisheng, at the 4th Annual Conference of International Finance Forum just concluded on November 8. 　　If the acquisition is closed smoothly, it will be a milestone for Chinas commercial banks that are striving to deliver a better performance on the global financial stage. Differing from the small Bank Halim of Indonesia and Seng Heng Bank of Macao which the Chinese bank purchased several months ago, Standard Bank of South Africa is truly a major international bank. Standard Bank has a presence in 18 African countries and 19 major financial centers in Europe, North America and Asia, and is focusing its expansion in burgeoning markets. It topped all other African banks in terms of assets and profits and ranked 106th in the Top 1,000 World Banks by The Banker magazine last year. 　　Besides this recent news, China Minsheng Bank Corp. also announced on October 8 that it would pay up to 2.5 billion yuan ($333.3 million) for a 9.9-percent stake in UCBH Holding Inc., the Nasdaq-listed parent company of U.S.-based United Commercial Bank. This was the first overseas acquisition of the Beijing-based mid-sized lender as well as the first ever acquisition of a U.S. bank by a Chinese bank. On November 8, China Merchants Bank got the green light from the U.S. Federal Reserve for opening a branch in New York-the first nod given by the financial security watchdog to a Chinese bank for branch operations in U.S. territory after it implemented the Foreign Bank Supervision Enhancement Act of 1991(FBSEA). 　　In recent years, more Chinese banks including the Bank of China (BOC), China Construction Bank (CCB) and China Development Bank (CDB) have co