Deutsche Bank, Vienna Austria
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion.










Austria Billionaire & Founder of European Conglomerate Signa Holding Rene Benko Files for Sole Trader Insolvency Which Will Allow for Restructuring, Signa Holding Files for Bankruptcy to Restructure with Self-Administration, Swiss Private Bank Julius Baer Reported $678 Million Credit Losses to Signa Holding & Rene Benko

10th March 2024 | Hong Kong

Austria billionaire & founder of European conglomerate Signa Holding Rene Benko has filed for sole trader insolvency which will allow for restructuring.  In 2023 November, Signa Holding had filed for bankruptcy to restructure with self-administration.  In 2024, Swiss Private Bank Julius Baer reported $678 million credit losses to Signa Holding & Rene Benko.   After the credit losses, Julius Baer announced to exit the private debt business ($926 million, CHF 800 million) with CEO Philipp Rickenbacher to step down and Nic Dreckmann appointed as Interim CEO.  Sovereign wealth funds Singapore GIC (€85 million exposure) & Saudi Arabia Public Investment Fund (PIF, €287 million exposure) had been listed as investors in bankrupt Austria European conglomerate Signa Holding subordinated securities with profit rights.  Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe.  Signa was founded in 2000 by the Austrian René Benko (Age 46).  René Benko has an estimated personal fortune of around $2.8 billion.  Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).

“ Austria Billionaire & Founder of European Conglomerate Signa Holding Rene Benko Files for Sole Trader Insolvency Which Will Allow for Restructuring, Signa Holding Files for Bankruptcy to Restructure with Self-Administration, Swiss Private Bank Julius Baer Reported $678 Million Credit Losses to Signa Holding & Rene Benko “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2024 Investment Day
23rd July Hong Kong | 25th July Singapore

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Taking place on 23rd July 2024 in Hong Kong, 25th July 2024 in Singapore.
Visit | Register here


The 2024 Family Office Summit
16th Oct Hong Kong | 23rd Oct Singapore

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2024 Family Office Summit | Register here





 

Swiss Private Bank Julius Baer to Exit $926 Million Private Debt Business with CEO Philipp Rickenbacher to Step Down and Nic Dreckmann Appointed as Interim CEO, Swiss Private Bank Julius Baer Reported $678 Million Credit Losses on 1 Single Client, 3 Loans to Austria Billionaire Rene Benko European Conglomerate Signa Holding for Commercial Real Estate & Luxury Retail

Julius Baer

1st February 2024 – Swiss Private Bank Julius Baer has announced to exit the private debt business ($926 million, CHF 800 million) with CEO Philipp Rickenbacher to step down and Nic Dreckmann appointed as Interim CEO, after Julius Baer reported $678 million credit losses on 1 single client, comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail.  Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe.  Signa was founded in 2000 by the Austrian René Benko (Age 46).  René Benko has an estimated personal fortune of around $2.8 billion.  Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).   Sovereign wealth funds Singapore GIC (€85 million exposure) & Saudi Arabia Public Investment Fund (PIF, €287 million exposure) had been listed as investors in bankrupt Austria European conglomerate Signa Holding subordinated securities with profit rights. Post-bankruptcy filing, Signa Prime & Signa Development are looking to raise an additional €350 million to restructure the group, by issuing new profit participation securitiesIn December 2023, Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration.  Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail.  European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration.  Romeo Lacher, Chairman of Julius Baer Group: “Speaking on behalf of the entire Board of Directors, I deeply regret that the full loss allowance for the largest exposure in our private debt business has significantly impacted our net profit for 2023. Our 2023 results reflect our determination to end any uncertainty regarding our private debt business through this full loss allowance. The results also reflect the continued financial strength of Julius Baer, as expressed by our capitalisation, the solidity of our balance sheet, and our robust underlying profitability. We are refocusing our lending activity on more traditional areas, which are an important part of our wealth management offering.”

 

 

Sovereign Wealth Funds Singapore GIC Invested €85 Million & Saudi Arabia Public Investment Fund Invested €287 Million in Bankrupt Austria European Conglomerate Signa Holding Subordinated Securities with Profit Rights, Austria Billionaire Rene Benko European Conglomerate Signa Holding Filed for Bankruptcy in 2023 December, Swiss Private Bank Julius Baer Booked $79 Million Loss Provision to Signa Holding with $690 Million Private Debt Exposure for 3 Loans

11th January 2024 – Sovereign wealth funds Singapore GIC (€85 million exposure) & Saudi Arabia Public Investment Fund (PIF, €287 million exposure) had been listed as investors in bankrupt Austria European conglomerate Signa Holding subordinated securities with profit rights Post-bankruptcy filing, Signa Prime & Signa Development are looking to raise an additional €350 million to restructure the group, by issuing new profit participation securitiesIn December 2023, Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration.  Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail.  Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe.  Signa was founded in 2000 by the Austrian René Benko (Age 46).  René Benko has an estimated personal fortune of around $2.8 billion.  Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).  European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration.

 

 

European Banks Including UBS & Credit Suisse Expected to Suffer Losses from Austria Billionaire Rene Benko European Conglomerate Signa Holding Bankruptcy Filing to Restructure with Self-Administration, Swiss Private Bank Julius Baer Booked $79 Million Loss Provision to Signa Holding with $690 Million Private Debt Exposure for 3 Loans

UBS Zurich

8th December 2023 – European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration.  Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail.  Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe.  Signa was founded in 2000 by the Austrian René Benko (Age 46).  René Benko has an estimated personal fortune of around $2.8 billion.  Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).

 

 

Austria Billionaire Rene Benko European Conglomerate Signa Holding Files for Bankruptcy to Restructure with Self-Administration, Swiss Private Bank Julius Baer Booked $79 Million Loss Provision to Signa Holding with $690 Million Private Debt Exposure for 3 Loans

1st December 2023 – Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration.  Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail.  Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe.  Signa was founded in 2000 by the Austrian René Benko (Age 46).  René Benko has an estimated personal fortune of around $2.8 billion.  Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).

 

 

Swiss Private Bank Julius Baer Booked $79 Million Loss Provision on a Single Client with $690 Million Private Debt Exposure, 3 Loans to Austria Billionaire Rene Benko European Conglomerate Signa Holding for Commercial Real Estate & Luxury Retail

29th November 2023 – Swiss private bank Julius Baer has booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail.  Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe.  Signa was founded in 2000 by the Austrian René Benko (Age 46).  René Benko has an estimated personal fortune of around $2.8 billion.  Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).   Julius Baer: “Julius Baer announced in its Interim Management Statement for the first ten months of 2023 on 20 November 2023 that it had booked provisions of CHF 70 million against the Group’s credit portfolio after 31 October 2023. The Group confirms that this amount was primarily related to the single largest exposure in its private debt loan book. This nominal exposure amounts to CHF 606 million, comprising three loans to different entities within a European conglomerate. The aggregate exposure towards this client group is secured by multiple collateral packages related to commercial real estate and luxury retail and is now subject to a longer-term restructuring. Julius Baer has taken measures to protect its interests and to preserve the value of its collateral and, if and when appropriate, the Group will remain prudent in booking further valuation adjustments as required.”

Philipp Rickenbacher, CEO of Julius Baer Group: “Julius Baer is very well capitalised and has been consistently profitable under all circumstances. We regret that a single exposure has led to the recent uncertainty for our stakeholders. Together with investing and multi-generational wealth planning, financing is an inherent part of the wealth management proposition to our clients. On this basis, together with the Board of Directors, we will review our private debt business and the framework in which it is conducted.”

 

 

Swiss Private Bank Julius Baer Booked $79 Million Loss Provision on a Single Client with $690 Million Private Debt Exposure

Julius Baer

27th November 2023 – Julius Baer announced in its Interim Management Statement for the first ten months of 2023 on 20 November 2023 that it had booked provisions of CHF 70 million against the Group’s credit portfolio after 31 October 2023. The Group confirms that this amount was primarily related to the single largest exposure in its private debt loan book. This nominal exposure amounts to CHF 606 million, comprising three loans to different entities within a European conglomerate. The aggregate exposure towards this client group is secured by multiple collateral packages related to commercial real estate and luxury retail and is now subject to a longer-term restructuring. Julius Baer has taken measures to protect its interests and to preserve the value of its collateral and, if and when appropriate, the Group will remain prudent in booking further valuation adjustments as required.

  • Julius Baer has a strong capital position with a CET1 capital ratio of 16.1% as of 31 October 2023, significantly above the Group´s own floor of 11% as well as the regulatory requirement of 8.2%. Even under a hypothetical total loss scenario, the Group’s pro-forma CET1 capital ratio at 31 October 2023 would have been in excess of 14% and Julius Baer would have remained significantly profitable.
  • Julius Baer offers private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients. As of 31 October 2023, the private debt loan book amounted to CHF 1.5 billion as part of a total loan book of CHF 41 billion. The above-mentioned exposure is the largest in the private debt loan book. The remaining portfolio comprises loans to unrelated counterparties and various sectors with strong asset quality. The second largest private debt exposure amounts to CHF 216 million and the third largest to CHF 140 million, neither of which is related to the real estate sector. The rest of the portfolio consists of exposures of a considerably smaller size to 19 unrelated counter-parties.

 

Capital policy reconfirmed

Julius Baer reconfirms its capital distribution policy, under which it targets a dividend payout ratio of ~50% of adjusted net profit attributable to shareholders of Julius Baer Group Ltd., with the dividend per share at least equal to the previous year’s dividend per share. In addition, under this policy, CET1 capital that is meaningfully in excess of a CET1 capital ratio of ~14% at the end of a financial year will be distributed through a share buy-back programme launched in the subsequent year, unless acquisition opportunities arise that are strategically consistent and financially attractive.




Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementOthers


    $20 million to $100 million AUM$100 million to $300 million AUM$300 million to $1 billion AUM$1 billion to $10 billion AUM$10 billion to $100 billion AUMMore than $100 billion AUM


    Mailing List / Free TrialMonthly SubscriptionYearly SubscriptionMembershipEvents


    2024 Investment Day Hong Kong 23rd July2024 Investment Day Singapore 25th July2024 Investment Day Hong Kong 4th Sept2024 Investment Day Singapore 11th Sept2024 Family Office Summit Hong Kong 16th Oct2024 Family Office Summit Singapore 23rd Oct / 6th Nov












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2024 Investment Day

    • March 2024 - Hong Kong
    • March 2024 - Singapore
    • June 2024 - Hong Kong
    • June 2024 - Singapore
    • Sept 2024 - Hong Kong
    • Sept 2024 - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014




    Previous articleEuropean Commission Fines Apple $2 Billion for Anti-Trust Breaches, Restricting Payment Options by Music Streaming Rivals Including Spotify on App Store, Apple to Appeal Decision, Apple Market Value at $2.64 Trillion
    Next articleDubai Exclusive Public Parking Operator Parkin Co. PJSC IPO Fully Subscribed Within Minutes of Opening on 5th March 2024, Target to Raise $429 Million at Around $1.7 Billion Valuation
    Caproasia.com covering capital markets, investments and private wealth in Asia. Our users manage, advise & invest $25 trillion assets in Asia