The G20-linked Financial Stability Board (FSB) has removed UniCredit from the list of systemically important global banks and promoted three banks, including Switzerland’s UBS, to a higher tier.
The FSB launched the annual ratings in the wake of the global financial crisis, requiring the world’s largest banks to maintain an additional capital buffer, calibrated into five groups, and to undergo stricter scrutiny of their operations.
UniCredit, which was the only bank in Italy among those considered of global systemic importance by the FSB, did not comment.
Along with UniCredit, Credit Suisse was removed from the list and the Bank of China Communications was included for the first time, reducing the total number of banks from 30 in 2022 to 29.
UBS made a splash after taking control of Credit Suisse earlier this year, in the first-ever merger of two systemically important banks.
Agricultural Bank of China and China Construction Bank also moved from Group 1 to Group 2.
Source: Terra
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