Julius Baer Faces $156 Million Loan Loss Charge
Julius Baer Group Ltd. is facing another large loss from property developments it helped finance, just as the Swiss wealth manager is emerging from a crisis triggered by its exposure to Rene Benko's Signa real estate empire.
As part of a review of its credit portfolio, Baer is discussing writing down a loan related to a real estate project in the German city of Hanover that is on the cusp of default and is also facing a loss from another development, according to people familiar with the matter. Full impairments of those projects are expected to contribute to a loan loss charge of about 130 million Swiss francs ($156 million), said the people, asking not to be identified because the information is private.
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