Published1. February 2024, 6:21 p.m
Benko loans: Julius Baer is reducing, cantonal banks hardly have to worry
The private bank loses hundreds of millions of francs because of loans to René Benko. Others negotiated better.
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Bang at Julius Baer: That’s what it’s all about
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Bank Julius Baer is speculating with hundreds of millions from real estate king René Benko.
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Numerous other companies also gave the Austrian large loans.
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But they secured their money with real estate.
There was a bang at Julius Baer on Thursday morning. CEO Philipp Rickenbacher resigned immediately when the annual figures were announced. His downfall was the loans of around 600 million francs to the sullen Austrian real estate king René Benko.
The Swiss private bank has to write off the money. The annual profit therefore fell by more than half to 472 million francs. Now it’s not just the boss who has to take his hat off. The bank plans to cut 250 of the 7,500 jobs worldwide this year.
Cantonal banks and Migros Bank negotiated better
Many other Swiss companies loaned the Austrian billionaire a total of over a billion francs. Only Migros gave 125 million francs, and Migros Bank gave another 97 million. There are also several cantonal banks.
But the big tremors don’t have to start there yet. Julius Baer demanded, among other things, shares in the insolvent Signa as security for the loans, which have now drastically lost value, says analyst Andreas Venditti from Bank Vontobel.
The cantonal banks and Migros Bank, on the other hand, insisted on first-class mortgage collateral in the form of real estate. The property is in a top location in the city of Zurich, says Migros Bank spokesman Urs Aeberli. The Globus building, says Venditti. “There is a big difference to Julius Baer, there shouldn’t be any major copycats,” said the analyst.
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2024-02-01 20:34:20
#Julius #Baer #downsizing #René #Benko #tremble
