OKB puts Signa commitment at 24.3 million francs
Published: Wednesday, Jan 17th 2024, 16:50
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Obwaldner Kantonalbank (OKB) is also on the list of creditors of the troubled Austrian real estate group Signa. The claims amount to CHF 24.3 million.
"Various media" had reported on a commitment by OKB "to a group of investors in the retail and real estate sector that had run into difficulties", OKB announced on Wednesday. However, the name of the borrower is not explicitly mentioned in the communiqué.
The OKB has been involved in an extra-cantonal syndicated loan of CHF 24.3 million since 2020, the state institute explained. To date, all interest and amortizations have been paid in accordance with the contract.
According to the OKB, the loan is secured by a first-ranking mortgage. A "property in a prime location in the center of Zurich" serves as collateral.
The level of provisions and value adjustments for credit risks at OKB amounted to CHF 32 million at the end of 2023. This adequately reflects "the current risk situation in the overall portfolio of customer loans".
OKB's operating profit amounted to CHF 23.3 million in the 2022 financial year.
In good company
A list of creditors published by various media on Tuesday included the Migros Cooperative Federation (FMC), Migros Bank and four cantonal banks as major debtors of the group.
The Valais Cantonal Bank had already disclosed the same level of exposure as OKB the day before (CHF 24.3 million). According to the list, the Graubündner Kantonalbank has an exposure of 60.8 million euros and the Zürcher Kantonalbank 11.1 million euros.
The list of creditors also shows very high outstanding amounts for Migros Genossenschaftsbund (FMC) at 129 million euros. The retail giant sold the Globus department store chain to Signa in 2020. Signa is said to be owed 101 million euros by Migros Bank, which belongs to the FMC.
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