“You support our enemy
– Ukraine is right at our gates and I’m surprised there are no greater questions or demands – you support our enemy, and we pour billions of dollars into Ukraine’s support and survival. There should be some consequences for such actions – said Larry Fink during a panel discussion during the conference Berlin Global Dialogue.
– The largest country supporting Russia and providing key support to the Russian economy is China. At least this should be discussed Funk noted. “I’m not here to judge, but I don’t think there’s been a sufficient assessment of the situation,” he added.
The largest investor in the world
BlackRock is the world’s largest asset management company, and the first foreign company to start operations in China three years ago as a wholly owned investment fund company. The company was also the subject of a US investigation in connection with some investments in China amid growing political tensions between the US and the Middle Kingdom.
– We have businesses in China, I’m sure everyone here has some business in China. We all need to reassess this, just as we reassess the risk of liquidity traps, the risk of everything, Fink said.
Banking market in Europe
BlackRock Executive Director he also stated that Europe should continue activities aimed at unifying the banking market.
– Europe needs a stronger capital markets system and a more unified banking system – said Fink, when asked about merger of the Italian UniCredit and the German Commerzbank. However, the investor refrained from commenting further on the possible merger of these institutions, especially since BlackRock has shares in each of the banks. In UniCredit, BlackRock is the largest investor, and in CommerzBank – the third largest.
The comment from the world’s largest investor appears shortly after Italian UniCredit increased its shares in Commerzbank to 21 percent. Andrea Orcel, executive director of the Italian bank, said a complete takeover of the German one Commerzbank is still on the table, and the steps taken so far UniCredit this is a test for Europe.
Germans do not like the actions of the Italian bank
However, the quick way in which UniCredit took over shares in Commerzbank, in which 12 percent shares belong to the German government, angering Berlin. German Chancellor Olaf Scholz compared it to an “unfriendly move.” Italy, in turn, supported UniCredit, explaining that the bank’s move was in line with the European Union’s goals of increasing integration.
Directors of both banks – Andrea Orcel and Bettina Orlopp are scheduled to meet on Friday so that Commerzbank representatives can explain the strategy for the German bank.
