2024-01-28 14:55:07
Zurich (awp) – Julius Bär might soon announce a write-off of “several hundred million Swiss francs” linked to the Austrian investor in difficulty René Benko, an amount significantly higher than what had previously been announced, according to the Sunday press.
The wealth manager might announce Thursday, when publishing its annual results, an amortization “of around 400 million Swiss francs, possibly more”, wrote the Sonntagszeitung newspaper on Sunday, citing anonymous sources close to the matter.
At the end of November 2023, the bank announced a credit provision of 70 million Swiss francs, mainly linked to “the largest single exposure” in its portfolio of loans granted to wealthy individuals. This financial provision is linked to René Benko, a source at the AWP agency indicated.
The total value of this exposure amounts to 606 million Swiss francs, divided into three loans granted “to different entities within an unidentified European conglomerate”.
This significant depreciation should not have direct consequences for the management of Julius Bär, but “adjustments” are planned at the organizational level and management remuneration should be reduced, said a source cited by the newspaper.
al/
1706456105
#Press #Julius #Bärs #losses #linked #Signa #greater #expected #January #p.m
