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Julius Baer set to announce writeoff linked to Signa publicity

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GENEVA (Reuters) – Wealth supervisor Julius Baer is about to announce a writeoff associated to its publicity to property group Signa that could be round 400 million Swiss francs ($463 million), Swiss newspaper SonntagsZeitung stated on Sunday.

Fears over the financial institution’s ties to property and retail group Signa, whose holding firm filed for insolvency in November, has already affected its share worth in latest months.

One analyst had beforehand estimated the financial institution’s losses in relation to Signa, managed by Austrian magnate Rene Benko, at round 400 million Swiss francs.

The financial institution declined to remark. The newspaper stated the writedown can be introduced on Thursday.

Julius Baer has stated previously that it had publicity of 606 million Swiss francs – the biggest in its non-public debt mortgage e book – to a European conglomerate.

($1 = 0.8644 Swiss francs)

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