On November 11, the Financial Stability Board (FSB) released the list of the Global Systematically Important Financial Institutions (G-SIFIs) for 2013. BOC was ranked 18th among 29 banks on the list, up by 4 places and 10 places as compared with 2012 and 2011 respectively, and became the only financial institution among emerging economies on the list of G-SIFIs for three consecutive years.
The G-SIFIs are divided into five groups, each of which needs to meet different additional capital requirements. BOC currently sits in Group 1, to which the 1% additional capital requirement applies.
To comply with relevant international regulatory requirements, and follow the principle of "adaptation and application", BOC will become one of the first domestic commercial banks approved to adopt the advanced capital measurement approach, by coordinating its own development as a G-SIFI with the implementation of Basel II and Basel III.
As the most internationalized and diversified Chinese commercial bank, BOC enjoys notable business advantages in international settlement, trade financing, cross-border RMB settlement and financial market. And BOC will continue to enhance its market competitiveness and sustained profitability, and improve risk management so as to help maintain global financial stability and development.
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