Swiss private bank Julius Bär has disclosed the credit position of Austrian property entrepreneur René Benko and his struggling Signa holding company, warning that further write-downs cannot be ruled out.
The largest single position within the private debt loan book amounts to CHF606 million ($686 million), Julius Bär announced on Monday, without naming Benko. The bank also confirmed that the provisions of CHF70 million, which have been recognised since the beginning of November, are “largely” attributable to this position.
According to the bank, the total private debt loan book amounts to CHF1.5 billion. The next largest positions after Benko are CHF216 million and CHF140 million. These loans did not go to property entrepreneurs. The remaining portfolio consists of 19 significantly smaller positions. ...