Zurich-based Julius Baer will reportedly announce its widely anticipated write-off related to property group Signa.
Julius Baer will unveil a write-off related to exposure to property group Signa totaling around 400 million Swiss francs ($463 million), according to Swiss newspaper «SonntagsZeitung». The balance sheet hit will be announced in its annual results on Thursday.
Previously, Julius Baer said it had 606 million francs in exposure to an unnamed European conglomerate. This is the largest exposure in its private debt loan book and is widely believed to be linked to Signa, which filed for insolvency in November 2023.
