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Zions Bancorp files petition to lose 'systemically important' tag

Nov 20 (Reuters) - Zions Bancorp on Monday said it would file a petition with the Financial Stability Oversight Council to challenge its "systemically important" status, a label that triggers heightened oversight, and forces banks to hold more capital.

The "systemically important" designation, better known as "too big to fail," is given by the Financial Stability Oversight Council (FSOC) to companies whose failure it considers can pose a threat to the global financial system. (http://reut.rs/2zWQzsE)

(Reporting By Aparajita Saxena in Bengaluru; Editing by Martina D'Couto)