BlackRock: largest bank shareholder
The American multinational investment company has consolidated its position as the largest shareholder of Banco Sabadell, Banco Santander and BBVA, while increasing or maintaining its position as one of the main investors in CaixaBank, Bankinter and Unicaja.
New York-based BlackRock is the world’s largest asset manager. With more than $9 trillion in assets under its management, 70 offices in 30 countries and clients in more than 100, its influence extends far beyond Wall Street, managing investments for clients ranging from individual investors to large corporations and governments.
The list of corporations with assets under its stewardship is almost endless: from technology companies such as Apple, Meta and Microsoft, to oil companies such as ExxonMobil, Chevron and Shell, to banks such as Goldman Sachs, JPMorgan and Bank of America. In fact, it would be easier to list ‘the few’ large global companies that are not part of BlackRock’s stock market portfolio.
In Spain, the presence of the US investment giant is well established. BlackRock is the main shareholder of the Ibex-35, doubling its workforce in the last five years and controlling 42,000 million euros in investment assets. Iberdrola, Red Eléctrica, Repsol, Enagás, Telefónica… and, according to data from the Comisión Nacional del Mercado de Valores (CNMV), also lord and master of Spanish banking.
Over 25% of the shareholding with an investment of more than 6,000 million euros
BlackRock’s presence in Spanish banking shareholdings has increased progressively over the last few years, consolidating its position as the main reference shareholder in the Spanish banking sector.
In the case of BBVA, Banco Santander and Banco Sabadell, BlackRock is their largest shareholder with 7.4%, 6.2% and 4.46% respectively. On the other hand, it is now the third-largest shareholder of CaixaBank, the fifth of Bankinter, and maintains a small stake in Unicaja.
An upward trend implies a greater influence in the management and direction of these banks, but it is not free of controversy due to the possible conflict of interest it could entail. As Gerald Davis warned, BlackRock is a silent giant, but an incredibly powerful one.
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