DAVOS, Switzerland Jan 22 (Reuters) - The CEO of German

insurer Allianz said on Wednesday that U.S. President

Donald Trump would be good for financial services and that he

expected fewer regulatory fines than under Joe Biden's

administration, which he called "extortion".

There was "a lot more extortion under Biden than we expect

under Trump," CEO Oliver Bate said on a panel at the World

Economic Forum in Davos, citing as an example U.S. Department of

Justice fines.

Bate also said that while Trump's government was likely to

be less popular internationally, he expected him to be more

supportive for the financial industry.