From VOL.AT Newsdesk – September 23rd, 2024 05:30 (act. September 23rd, 2024 11:59)
Rene Benko. ©APA/G. Hochmuth
The Swiss private bank Ihag has to close after financial difficulties. The reason for this is considerable losses which – as Swiss media reports – can be traced back to a loan to René Benko’s Signa empire.
On Thursday evening, Bank Vontobel announced that it would take over the assets of the troubled private bank Ihag. Ihag is in the red due to a significant loan default. The loan of 30 million euros had been granted to René Benko’s now insolvent Signa company.
Financial coverage gap
In its latest annual report, Ihag Private Bank reported a loss of 16.82 million Swiss francs. The loss was mainly due to the need to make a write-down on an uncertain claim of 16.98 million Swiss francs. According to an Ihag spokesperson, part of the loan was secured by shares, some of which could be sold to mitigate the losses. However, the remaining default led to the closure of the bank.
Job cuts and early retirements
Vontobel and Ihag said “20min.ch”, that the transfer of customer funds should be completed by the beginning of 2025. However, this process will result in the loss of 20 to 25 of Ihag’s 76 jobs. Early retirements and the development of a social plan are also planned.
