ICBC joins too-big-to-fail list on day of dim sum deal
Industrial and Commercial Bank of China is the latest bank to be added to the Financial Stability Board’s list of globally systemically important banks (G-SIBSs). The move came as ICBC took advantage of London’s ambitions to become an offshore renminbi hub by issuing a UK-targeted dim sum bond.
The addition of ICBC, which on Tuesday printed a dual tranche three and five year offshore renminbi bond(see EuroWeek Asia page 5), means the FSB’s list now comprises 29 lenders which are deemed to be too big to fail.
The new list follows an update in July of
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