Julius Baer Chairman: There was no pressure from Finma
Published: Friday, Feb 2nd 2024, 22:20
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Philipp Rickenbacher's resignation as CEO of the private bank Julius Baer was not the result of external pressure. "The Financial Market Authority did not exert any pressure", said Chairman of the Board of Directors Romeo Lacher in an interview with "Finanz und Wirtschaft".
There was also no pressure from individual shareholders.
According to Lacher, Rickenbacher's resignation was "a joint decision by him and the Board of Directors". However, Lacher's resignation was apparently also up for debate. "The Board of Directors discussed it openly and examined all options," he said.
On Thursday, Julius Baer not only wrote off the entire loan of CHF 606 million to Austrian investor René Benko's Signa Group, but also announced its withdrawal from the entire private debt business. "Here too, no pressure was exerted by Finma," emphasized Lacher. However, there had been an intensive exchange with the Financial Market Authority.
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