Struggling European property group Signa has been in the spotlight as it held rescue talks with Elliott, causing concerns for its exposure to various financial institutions, including wealth manager Julius Baer and Citi. The restructuring of Signa, backed by sovereign wealth funds and European billionaires, is expected to be complex and messy. Julius Baer's shares slumped 5% on worries about its substantial exposure to the crumbling Signa empire, and its CEO declined to confirm the bank's 606 million Swiss franc exposure to Signa.
Julius Baer's boss says the bank is still willing to take appropriate risks, even if it makes changes to the unit that ran up a $700 million exposure to the crumbling Signa empire https://t.co/MnQqDnUOX3
⚠️ JULIUS BAER DECLINES TO CONFIRM SIGNA EXPOSURE Julius Baer's Chief Executive declined to confirm on Wednesday whether the private bank's 606 million Swiss franc ($693 million) exposure it disclosed earlier this week is to toppled property giant Signa.
Europe's Signa toppled in property rout https://t.co/etLkHfeytw https://t.co/40I2UhP7zj
Julius Baer shares slide another 5% on Signa worries https://t.co/PZZKoZ2zYi https://t.co/I2KSJJJTRf
With a roster of backers ranging from sovereign wealth funds to a bevy of European billionaires with investments spread across a complex company structure, the restructuring of Signa promises to be a messy business. Read it here in The Brink. https://t.co/y1QAIL2zEG
Citi is among lenders that have provided credit to a now-insolvent unit of Rene Benko’s Signa group of companies https://t.co/gSw1pXkuo0
With a roster of backers ranging from sovereign wealth funds to a bevy of European billionaires with investments spread across a complex company structure, the restructuring of Signa promises to be a messy business. Read it here in The Brink. https://t.co/5jyNcg8zMg
With a roster of backers ranging from sovereign wealth funds to a bevy of European billionaires with investments spread across a complex company structure, the restructuring of Signa promises to be a messy business. Read it here in The Brink. https://t.co/SItMzgkxUl
⚠️ JULIUS BAER SHARES SLIDE ANOTHER 5% ON SIGNA WORRIES Full Story → https://t.co/HxTF1p0oKT Wealth manager Julius Baer's shares slumped another 5% on Tuesday, bringing its total decline since the start of last week to more than 20%, on fears over its exposure to struggling… https://t.co/xey3F3KhwA
Struggling European property group Signa held rescue talks with Elliott https://t.co/ctJuIfY9eV