ZURICH, Nov 29 (Reuters) - 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.
The CEO said it was too early to say what specific lessons could be learned relating to the large exposure in its private debt business.
Troubled property group Signa, which owns scores of high-profile projects and department stores, declared insolvency on Wednesday.
Signa, controlled by an Austrian magnate, has borrowed heavily from banks including Julius Baer, which on Monday disclosed it had an exposure of more than 600 million Swiss francs, the largest in its private debt loan book, to a European conglomerate.
"I believe Julius Baer will be able to continue its risk appetite and its risk capacity as we have on average in the last few years."
Persons:
Julius Baer's, Philipp Rickenbacher, Julius Baer, Rickenbacher, Noele Illien, Elaine Hardcastle, Tomasz Janowski
Organizations:
Financial Times, Global Banking, Thomson
Locations:
ZURICH, Austrian