There has been speculation it may also increase its stake in Standard Bank itself, although its international expansion strategy seems still more focused on taking smaller strategic stakes.

"So far we have cooperated well and we don't have any specific plan to increase our stake," says Liu at ICBC.

Some believe attempting to build a presence in Africa through a South African bank is, in fact, a flawed strategy.

"Why do you need to pass through South Africa to get to Ghana or Chad?" says Dr Daouda Cisse, research fellow at the Centre for Chinese Studies at Stellenbosch University in Western Cape and who is from Senegal.

"We don't have Standard Bank in Senegal. We don't have South African supermarket chains. For me it doesn't matter," he says.

Related readings:  More opportunities in growing market  Africa's biggest bank upbeat  It pays to be more than duly diligent  Resources locomotive needs fuel from banks

Cisse, who specializes in financial services, also believes the impact of Chinese banks on the African banking market is exaggerated.

"What the expansion of the banks is all about is facilitating trade between Africa and China. More and more Chinese are coming to Africa for business and trade purposes and they need banking services. It is no more fundamental than that," he adds.

Krzychylkiewicz of SBG Securities does not think Chinese banks are going to extend beyond corporate banking services any time soon.

"I don't see the desire among the Chinese banks to go in and start a Barclays-type operation in any of these countries. They are effectively focused on corporate banking."

What is clear, however, with Africa's growing middle class the banking market has a lot of potential.

Chan at China Construction Bank is one who still sees significant upside for Chinese banks in the African market, but he says they have to be aware of the risks.

"We see opportunities in the market but the risks we cannot ignore. Doing business here is different from doing it in China," he says.

"The big question is whether Africa is politically stable or not. Over the past five years the political situation is more transparent than before. Nigeria, compared with 20 years ago, has completely changed."

Contact the writers at andrewmoody@chinadaily.com.cn and zhaoyanrong@chinadaily.com.cn

Michael Power is investment strategist at Investec Asset Management, based in Cape Town. Mark Wessels / for China Daily

Windsor Chan is deputy general manager of China Construction Bank in South Africa. Zhao Yanrong / China Daily