2023-11-21 17:15:03
Zurich (awp) – The multi-million euro credit allegedly granted by asset manager Julius Bär to the troubled Signa group would be monitored by the Federal Financial Market Supervisory Authority (Finma), the agency said on Tuesday Bloomberg.
Owned by Austrian investor René Benko, the real estate and commercial group Signa would have received around 600 million euros, according to Bloomberg citing sources.
A Finma spokesperson declined to comment on this report on Tuesday evening. “Finma does not comment on the details of the surveillance activity with the various reporting entities,” he explained to the AWP agency.
At the beginning of November, the financial blog “Inside Paradeplatz” had already reported on loans granted by Julius Bär to Signa for an amount “significantly more than half a billion Swiss francs”. The Zurich bank is said to have financed the purchase of the Globus department store group by Benko and its Thai partners four years ago.
During the publication of its interim report for the first ten months of 2023, Julius Baer announced on Monday value adjustments of 82 million Swiss francs on its credit portfolio. Of this total, 70 million would have been generated during the current month. Investors and analysts believe these fixes are linked to Signa credits. Unable to comment on certain customer relationships, the Zurich private bank did not provide further information on this subject.
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