Heads of European financial institutions are warning of risks in the rapidly growing, multi-trillion-dollar private credit market, with one executive saying parts of it resemble a "casino." Oliver Bate, chief executive of Allianz , one of the world's largest insurers, told CNBC that "uncontrolled" growth in the private credit space — which faces much less regulation than traditional banks — raises concerns about a potential repeat of the systemic failures seen during the 2008 financial crisis. "We're talking about private lending like this is an innovation," Bate said. "We used to have reasons [for] why we wanted to have banks that are regulated to lend to people, right?" "Now we're talking about a casino that's supposedly something that's called innovative," Bate added. The head of the Ge

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