2024-02-01 06:23:37
Sébastien Ruche with the agencies Published on January 31, 2024 at 11:40 p.m. / Modified on February 1, 2024 at 07:47.
Julius Baer makes a clean slate following the Signa affair. The Zurich private bank announced this Thursday morning the immediate departure of its managing director Philipp Rickenbacher. The big boss is paying the price for the high credits granted to René Benko’s real estate group, which is in bankruptcy. Until now responsible for operations (COO), deputy general manager Nic Dreckmann takes control of the bank ad interim. The establishment saw its net profit (IFRS) fall by 52%, to 454 million francs in 2023, according to a press release released Thursday morning. This decline is the consequence of a loss on loans of 606 million francs having caused amortization of 586 million. The bank is also withdrawing from the private credit activity, at the origin of its problems. Shareholders will still receive an unchanged dividend of 2.60 francs per share.
These “Private debt” activities still represent commitments of 800 million, or 2% of the total credits granted by the bank. The latter will concentrate its lending activities on Lombard and mortgage loans.
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