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Bond Market News
Julius Baer-EFG Talks Stalled on Regulatory Concerns, Say Sources
June 19, 2024
Acquisition talks between Julius Baer and EFG are said to have stalled due to concerns by Swiss regulator FINMA, as per sources. Details on the specific concerns highlighted were not available. Both, Julius Baer and EFG held talks earlier this year and were said to have reached an agreement in principle earlier this month. One of the sources said that FINMA was still reviewing Julius Baer’s risk controls after the bank suffered losses tied to loans, to failed property firm Signa. The private bank was forced to write down CHF 586mn ($663mn) in losses on loans to Signa.
Julius Baer’s 4.75% Perp was trading stable at 98.54, yielding 11.26%.
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