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Zürcher Kantonalbank (ZKB) loaned Austrian investor René Benko’s bankrupt Signa Group “a very low amount of double-digit million” to finance a property in Zurich. The loan poses no risk of default, ZKB CFO Martin Bardenhewer said at the annual media conference on Friday.
This concerned the financing of a property “in a prime location in Zurich’s city centre”, the finance director told the media. The cantonal bank did not make any provision for the loan in its 2023 annual results.
Speaking to AWP Video, CEO Urs Baumann added that the object financed by ZKB was not the Globus building. ZKB does not have syndicated loan activities with other institutions. The bank had previously granted exemptions specifically regarding banking customer confidentiality.
Not the first cantonal bank
In recent weeks, various Swiss institutes had reported loans to the Austrian group: Aargauische Kantonalbank gave a loan of 73 million francs to the Signa Group and a loan of 24 million francs each to the cantonal banks of Obwalden and Valais. mortgage-based real estate financing.
Migros Bank also has a syndicated loan of 97 million francs, as confirmed by the institute. However, the Migros cooperative also gave a loan of 125 million francs to the joint venture between Signa and Thai Central Group.
Bank Julius Baer’s high outstanding balances with Signa have been known for some time. As a result of the loan of 606 million francs to the Austrian group, Julius Baer CEO Philipp Rickenbacher resigned from his position. (SDA/kae)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
