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Bank regulator gives BlackRock January deadline on bank stakes

The U.S. Federal Reserve has set a deadline of January 2025 for BlackRock to reduce its stakes in banks to comply with regulations that limit ownership in banks to 24.9% for non-banks. This decision follows BlackRock's acquisition of a 25% stake in a bank, which was initially approved with the condition that the stake would be reduced within a specified timeframe. The move is part of broader regulatory efforts to ensure that no single entity has excessive control over financial institutions, thereby maintaining stability and competition in the banking sector. BlackRock, one of the world's largest asset managers, has been given until January 8, 2025, to adjust its holdings accordingly.

Read the Full Reuters Article at:
[ https://www.reuters.com/business/finance/bank-regulator-gives-blackrock-january-deadline-bank-stakes-2024-12-30/ ]