Julius Baer discloses exposure to Signa
Published: Monday, Nov 27th 2023, 07:30
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Julius Baer is attempting to calm the waves that have arisen around the Bank's credit exposure to the faltering Signa holding company. Measures have been taken to protect the Bank's interests and preserve the value of the collateral provided, Julius Baer wrote in a communiqué on Monday.
With the publication of the interim report for the first ten months, the Zurich-based private bank announced value adjustments amounting to CHF 82 million, of which CHF 70 million were incurred in November.
Julius Baer now confirms that this amount primarily relates to the largest single exposure in the private debt loan book. However, the name of the borrower is not explicitly mentioned. The exposure amounts to CHF 606 million and comprises three loans to various entities "within a European conglomerate".
Julius Baer emphasized that if further impairments were necessary, these would continue to be booked "prudently". In a hypothetical scenario of a total loss, the Group's pro forma CET1 capital ratio would have been over 14 percent at the end of October 2023, the bank calculates. Julius Baer would thus have remained clearly profitable.
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