AKB quantifies mortgage exposure to Signa
Published: Tuesday, Jan 9th 2024, 09:10
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The Aargauische Kantonalbank (AKB) is disclosing its mortgage exposure to Austrian investor René Benko's struggling Signa Group. Specifically, the bank has provided mortgage-backed property financing for Signa in the city centers of Bern and Zurich in the total amount of CHF 73 million, according to a press release issued on Tuesday.
According to the information provided, another group of investors was involved with an equally large financial commitment. The property financing in Berne was provided directly by AKB, while the financing in Zurich was provided by a consortium comprising several banks.
According to AKB, the mortgages are secured by mortgage notes on rented properties. Both the interest and amortization obligations have always been met on time.
Prior to this announcement, AKB sought and received a release from bank-client confidentiality for relevant key figures.
The bank also announced that the annual result for 2023 is "expected to be very good" and that the distribution is to be increased beyond the amount budgeted by the canton of Aargau. The detailed figures will be presented on February 20, 2024.
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