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CBC added to list of 'important' banks

CBC added to list of ‘important’ banks

(4 November 2015 – China) The fourth Chinese bank has been added to a list of lenders considered to be important to the stability of the world’s financial system.

China Construction Bank (CBC) joins the global group of 30 institutions required to hold extra capital.

The Chinese firm, which is also the country’s second largest bank, was the only addition to the annual list released by the Financial Stability Board (FSB), which was founded following the 2007-09 global financial crisis in order to protect from future instability of that magnitude.

The list includes 15 European, eight US banks, and three from Japan.

The FSB said Spain's BBVA had been removed from the list, meaning it will no longer have to hold the extra capital.

A spokesman for the Spanish bank said the decision reflected its focus on retail banking rather than riskier investment activities.

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