27.11.2023, 15:56
UniCredit was excluded from the list of global systemically important banks
Source: OREANDA-NEWS
OREANDA-NEWS The Financial Stability Board (FSB), following the annual review of its list of global systemically important banks, excluded Italian UniCredit from it, according to data on the FSB website.
Swiss Credit Suisse, which was absorbed by rival UBS this year, is also excluded from the list. At the same time, the Chinese Bank of Communications is included in the list.
Thus, the number of banks in the list decreased to 29 from 30 a year earlier.
FSB adds financial institutions to its list based on a number of criteria, including their size, the complexity of the business and the level of interconnectedness with others. The organizations included in it must comply with increased capital requirements.
According to the new list, the American JPMorgan Chase & Co. it remained the only bank in the category that assumes the most stringent capital requirements. As before, its capital adequacy ratio will have to exceed the minimum requirements by 2.5 percentage points (pp).
For Bank of America Corp., Citigroup Inc. and HSBC, the excess amount is kept at 2 percentage points.
Meanwhile, UBS, Agricultural Bank of China and China Construction Bank have been moved to a category that assumes an additional capital buffer of 1.5%. Previously, they were in the category assuming a buffer of 1%. The increased requirements will come into force on January 1, 2025, the FSB said in a statement.
Swiss Credit Suisse, which was absorbed by rival UBS this year, is also excluded from the list. At the same time, the Chinese Bank of Communications is included in the list.
Thus, the number of banks in the list decreased to 29 from 30 a year earlier.
FSB adds financial institutions to its list based on a number of criteria, including their size, the complexity of the business and the level of interconnectedness with others. The organizations included in it must comply with increased capital requirements.
According to the new list, the American JPMorgan Chase & Co. it remained the only bank in the category that assumes the most stringent capital requirements. As before, its capital adequacy ratio will have to exceed the minimum requirements by 2.5 percentage points (pp).
For Bank of America Corp., Citigroup Inc. and HSBC, the excess amount is kept at 2 percentage points.
Meanwhile, UBS, Agricultural Bank of China and China Construction Bank have been moved to a category that assumes an additional capital buffer of 1.5%. Previously, they were in the category assuming a buffer of 1%. The increased requirements will come into force on January 1, 2025, the FSB said in a statement.
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