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GENEVA (AP) — Julius Baer says its CEO is resigning and the Swiss bank is quitting the private debt business as well as setting aside more than a half-billion Swiss francs (dollars) reportedly over its exposure to bankrupt Austrian asset manager Signa. Zurich-based Julius Baer said it was exiting the private debt business and the annual results reflected net credit losses of 606 million Swiss francs (about $702 million) — 586 million francs of which included a loan-loss allowance for unspecified private debt exposure. Photos You Should See View All 45 ImagesShares of Julius Baer were up nearly 6% to 50.02 Swiss francs in midmorning trading Thursday on the SIX Swiss Exchange following the news. Media reports said the bank's troubles were linked to Signa, but Julius Baer didn't specify. The bank announced the exposure to private debt issues in November, comprised of three loans to different entities at a “European conglomerate” active in commercial real estate and luxury retail.
Persons: — Julius Baer, Romeo Lacher, Julius Baer, Philipp Rickenbacher, Nic Dreckmann, Julius Baer didn't Organizations: GENEVA, Signa, SIX Swiss Exchange, Media, Credit Suisse, UBS Locations: Swiss, Austrian, Zurich, Vienna
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