ICBC officially labeled “too-big-to-fail” global bank

Increases number of G-SIBs to 29.

The Financial Stability Board (FSB), an international organization monitoring and coordinating the world's financial systems, said the Industrial and Commercial Bank of China has qualified for its annual list of Global Systemically Important Banks or G-SIBs.

State-owned ICBC is China’s largest bank and one of the country’s Big Four banks. It is also the world’s leading bank in total assets, deposits, loans, tiers on capital, market value and profit.

According to ICBC's first semester report, its capital adequacy ratio stood at 13.1% at the end of June, higher than the lowest standard level of 10.5% set by the FSB. ICBC attributed the achievement to its strong performance in business factors and expanding overseas markets.

ICBC's overseas assets hit US$182.2 billion this first half while its cross-border renminbi settlement exceeded US$244.5 billion.