The People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) have jointly released a new list of lenders deemed systemically important.
PBOC and CBIRC announced on 15 October that they had assessed and categorised a total of 19 systemically important banks in China, based upon data from 2020.
The 19 systemically important banks are comprised of the six big state-owned lenders, as well as nine joint-stock Chinese banks and four municipal commercial banks.
Chinese regulators divided them into a total of five groups in terms of ascending importance, consisting of:
- Ping An Bank, China Everbright Bank, Huaxia Bank, Guangfa Bank, Bank of Ningbo, Bank of Shanghai, Bank of Jiangsu, Bank of Beijing;
- Shanghai Pudong Development Bank, China CITIC Bank, China Minsheng Bank, Postal Savings Bank of China;
- Bank of Communications, China Merchants Bank, Industrial Bank Co.;
- Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China.
PBOC and CBIRC said that the next step would be for them to “jointly and effectively perform additional regulatory work for systemically important banks, and expedite the stable operation and healthy development of systemically important banks.”