November 7 -- The Financial Stability Board (FSB) named 29 banks as systemically important financial institutions (SIFI) worldwide, of which Bank of China ( 601988.SH, 3988.HK) was the only bank to make the list, reports stcn.com.

As a SIFI, Bank of China will be required to raise its core capital adequacy ratio above the Basel III standards by 1-2.5 percent.

Industry insiders said though the additional requirement is beneficial for Bank of China's development in the long run, it may impact the bank's profitability in the near term.
 

Source:CapitalVue