Swiss Private Bank Julius Baer Hires 20-Year Goldman Sachs Veteran Stefan Bollinger as CEO, Stefan Bollinger is Goldman Sachs Co-Head Private Wealth Management Europe, Middle East & Africa, 30 Years of Financial Industry Experience Including at Goldman Sachs & JP Morgan Based in Hong Kong, Zurich, London, New York & Luxembourg
25th July 2024 | Hong Kong
Swiss private bank Julius Baer has hired 20-year Goldman Sachs veteran Stefan Bollinger as Julius Baer CEO (Starting by 1st February 2025). Stefan Bollinger is currently Goldman Sachs Co-Head Private Wealth Management Europe, Middle East & Africa, and has 30 years of financial industry experience including at Goldman Sachs & JP Morgan based in Hong Kong, Zurich, London, New York & Luxembourg. In 2024 February, Julius Baer CEO Philipp Rickenbacher had resigned as CEO after Julius Baer reported $678 million credit losses on 1 single client, comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. Julius Baer (23/7/24): “Julius Baer today announced that, following a comprehensive search, the Board of Directors has appointed Stefan Bollinger as Chief Executive Officer. He will start his new role at Julius Baer no later than 1 February 2025. Stefan Bollinger, a Swiss citizen, is currently Co-Head Private Wealth Management for Europe, Middle East and Africa (PWM Europe, Middle East and Africa) at Goldman Sachs in London. He is a member of the European Management Committee and of the Global Wealth Operating Group. Under his stewardship over the past five years, the PWM Europe, Middle East and Africa business more than doubled assets under management. Stefan Bollinger has three decades of experience in financial markets, performing various roles across trading, structuring, sales, treasury, and wealth management. During his career, he was based in Hong Kong, London, Luxembourg, New York, and Zurich. Stefan Bollinger joined Goldman Sachs in 2004 and has been Partner for 14 years. Prior to joining Goldman Sachs, he worked at J.P. Morgan in London. He started his career at Zürcher Kantonalbank.”
“ Swiss Private Bank Julius Baer Hires 20-Year Goldman Sachs Veteran Stefan Bollinger as CEO, Stefan Bollinger is Goldman Sachs Co-Head Private Wealth Management Europe, Middle East & Africa, 30 Years of Financial Industry Experience Including at Goldman Sachs & JP Morgan Based in Hong Kong, Zurich, London, New York & Luxembourg “
Romeo Lacher, Chairman of Julius Baer: “We are looking forward to welcoming Stefan Bollinger to Julius Baer. He has an excellent track record in global banking and wealth management. He was instrumental in expanding the presence of Goldman Sachs in Asia, Europe, the Middle East, and Africa. Stefan led and built outstanding businesses, most of them at the intersection of wealth management and capital markets. His experience combines a comprehensive understanding of risk, products, and of how to deliver value to global wealth management clients through building scalable client-centric businesses. He brings a unique combination of leadership, client, and people skills with strong technical knowhow and functional expertise to Julius Baer. Under Stefan’s leadership, we will future-proof Julius Baer as the leading pure-play private bank, and create the best conditions for sustainable growth. Our priorities to achieve this are to create value for clients and shareholders in everything we do, to strengthen and to ensure state-of-the-art risk management, and to foster a culture of excellence.”
Stefan Bollinger, Incoming Julius Baer CEO: “I am excited to be joining Julius Baer and honoured by the opportunity to lead this storied institution. I look forward to working closely with the Board, the management team, and all the people of Julius Baer to capitalise on its unique strengths and to shape the next chapter of client centricity, excellence in risk management, and sustainable growth.”
Romeo Lacher, Chairman of Julius Baer: “On behalf of the Board of Directors I want to thank Nic Dreckmann for acting as CEO ad interim at a decisive moment. Nic and his team have done an outstanding job in leading Julius Baer in a challenging time with great focus on our clients and on delivering solid results. Nic will continue to lead the Group until Stefan’s arrival and ensure a seamless handover. Following the handover, we are looking forward to continuing to count on Nic as a member of the Executive Board.”
Stefan Bollinger Profile – Stefan Bollinger is a Partner at Goldman Sachs and since 2019 Co-Head Private Wealth Management Europe, Middle East and Africa. He is a member of the European Management Committee, the Goldman Sachs AG Board of Directors, the Firmwide Client Franchise Committee, the Firmwide Conduct Committee, and the Firmwide New Activity Committee. He joined Goldman Sachs in 2004 and has been a Partner for the last 14 years. During this time, in which he led and co- led major businesses including the global Private Investor Products Group, Europe, Middle East and Africa Equities Sales, Global Sales Strats and Structuring he also acted as the Country Coordinator for Switzerland. During that time, he was part of the Firmwide Finance Committee, Asset- & Liability Committee and the Digital Strategy Group. Before joining Goldman Sachs, he worked at J.P. Morgan in London. He started his career at Zürcher Kantonalbank. He is the Chair of the Board of Trustees of the London School of Architecture, a Trustee of the AllChild, a charity focusing on social mobility, and a Trustee of the Royal Academy of Arts in London. Stefan Bollinger was born in 1974 and is a Swiss citizen. He is a CFA Charterholder, Certified EFFAS Financial Analyst, and graduated with distinction from the Winterthur Business School.
$12.5 Billion Swiss Private Bank Julius Baer Stopped Takeover Talk with $4.1 Billion EFG International, EFG CEO Giorgio Pradelli Named as Potential Candidate to the Combined Group CEO, Julius Baer Philipp Rickenbacher CEO Resigned in Early 2024 after $678 Million Credit Losses on 1 Single Client to Austria Billionaire Rene Benko European Conglomerate Signa Holding for Commercial Real Estate & Luxury Retail
27th May 2024 – Swiss private bank Julius Baer (24/5/24: $12.5 billion market value) has stopped takeover talk with Swiss private bank & asset manager EFG International (24/5/24: $4.1 billion market value), with EFG CEO Giorgio Pradelli named as a potential candidate to the combined Group CEO. In 2024 February, Julius Baer CEO Philipp Rickenbacher had resigned as CEO after Julius Baer reported $678 million credit losses on 1 single client, comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe. Signa was founded in 2000 by the Austrian René Benko (Age 46). René Benko has an estimated personal fortune of around $2.8 billion. Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth). Sovereign wealth funds Singapore GIC (€85 million exposure) & Saudi Arabia Public Investment Fund (PIF, €287 million exposure) had been listed as investors in bankrupt Austria European conglomerate Signa Holding subordinated securities with profit rights. Post-bankruptcy filing, Signa Prime & Signa Development are looking to raise an additional €350 million to restructure the group, by issuing new profit participation securities. In December 2023, Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration. Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration. Romeo Lacher, Chairman of Julius Baer Group: “Speaking on behalf of the entire Board of Directors, I deeply regret that the full loss allowance for the largest exposure in our private debt business has significantly impacted our net profit for 2023. Our 2023 results reflect our determination to end any uncertainty regarding our private debt business through this full loss allowance. The results also reflect the continued financial strength of Julius Baer, as expressed by our capitalisation, the solidity of our balance sheet, and our robust underlying profitability. We are refocusing our lending activity on more traditional areas, which are an important part of our wealth management offering.”
Swiss Private Bank Julius Baer Ex-CEO Philipp Rickenbacher Salary Decreased -71.5% to $1.9 Million in 2023 from $6.7 Million in 2022, Philipp Rickenbacher Resigned in February 2024 after Julius Baer Reported $678 Million Credit Losses on 1 Single Client, 3 Loans to Austria Billionaire Rene Benko European Conglomerate Signa Holding for Commercial Real Estate & Luxury Retail
21st March 2024 – Swiss private bank Julius Baer ex-CEO Philipp Rickenbacher salary has decreased -71.5% to $1.92 million (CHF 1.72 million) in 2023 from $6.74 million (CHF 6.03 million) in 2022. Julius Baer ex-CEO Philipp Rickenbacher had resigned in February 2024 after Julius Baer reported $678 million credit losses on 1 single client, comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. In February 2024, Julius Baer announced to exit the private debt business ($926 million, CHF 800 million). Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe. Signa was founded in 2000 by the Austrian René Benko (Age 46). René Benko has an estimated personal fortune of around $2.8 billion. Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth). Sovereign wealth funds Singapore GIC (€85 million exposure) & Saudi Arabia Public Investment Fund (PIF, €287 million exposure) had been listed as investors in bankrupt Austria European conglomerate Signa Holding subordinated securities with profit rights. Post-bankruptcy filing, Signa Prime & Signa Development are looking to raise an additional €350 million to restructure the group, by issuing new profit participation securities. In December 2023, Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration. Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration. Romeo Lacher, Chairman of Julius Baer Group: “Speaking on behalf of the entire Board of Directors, I deeply regret that the full loss allowance for the largest exposure in our private debt business has significantly impacted our net profit for 2023. Our 2023 results reflect our determination to end any uncertainty regarding our private debt business through this full loss allowance. The results also reflect the continued financial strength of Julius Baer, as expressed by our capitalisation, the solidity of our balance sheet, and our robust underlying profitability. We are refocusing our lending activity on more traditional areas, which are an important part of our wealth management offering.”
Swiss Private Bank Julius Baer to Exit $926 Million Private Debt Business with CEO Philipp Rickenbacher to Step Down and Nic Dreckmann Appointed as Interim CEO, Swiss Private Bank Julius Baer Reported $678 Million Credit Losses on 1 Single Client, 3 Loans to Austria Billionaire Rene Benko European Conglomerate Signa Holding for Commercial Real Estate & Luxury Retail
1st February 2024 – Swiss Private Bank Julius Baer has announced to exit the private debt business ($926 million, CHF 800 million) with CEO Philipp Rickenbacher to step down and Nic Dreckmann appointed as Interim CEO, after Julius Baer reported $678 million credit losses on 1 single client, comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe. Signa was founded in 2000 by the Austrian René Benko (Age 46). René Benko has an estimated personal fortune of around $2.8 billion. Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth). Sovereign wealth funds Singapore GIC (€85 million exposure) & Saudi Arabia Public Investment Fund (PIF, €287 million exposure) had been listed as investors in bankrupt Austria European conglomerate Signa Holding subordinated securities with profit rights. Post-bankruptcy filing, Signa Prime & Signa Development are looking to raise an additional €350 million to restructure the group, by issuing new profit participation securities. In December 2023, Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration. Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration. Romeo Lacher, Chairman of Julius Baer Group: “Speaking on behalf of the entire Board of Directors, I deeply regret that the full loss allowance for the largest exposure in our private debt business has significantly impacted our net profit for 2023. Our 2023 results reflect our determination to end any uncertainty regarding our private debt business through this full loss allowance. The results also reflect the continued financial strength of Julius Baer, as expressed by our capitalisation, the solidity of our balance sheet, and our robust underlying profitability. We are refocusing our lending activity on more traditional areas, which are an important part of our wealth management offering.”
Sovereign Wealth Funds Singapore GIC Invested €85 Million & Saudi Arabia Public Investment Fund Invested €287 Million in Bankrupt Austria European Conglomerate Signa Holding Subordinated Securities with Profit Rights, Austria Billionaire Rene Benko European Conglomerate Signa Holding Filed for Bankruptcy in 2023 December, Swiss Private Bank Julius Baer Booked $79 Million Loss Provision to Signa Holding with $690 Million Private Debt Exposure for 3 Loans
11th January 2024 – Sovereign wealth funds Singapore GIC (€85 million exposure) & Saudi Arabia Public Investment Fund (PIF, €287 million exposure) had been listed as investors in bankrupt Austria European conglomerate Signa Holding subordinated securities with profit rights. Post-bankruptcy filing, Signa Prime & Signa Development are looking to raise an additional €350 million to restructure the group, by issuing new profit participation securities. In December 2023, Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration. Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe. Signa was founded in 2000 by the Austrian René Benko (Age 46). René Benko has an estimated personal fortune of around $2.8 billion. Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth). European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration.
European Banks Including UBS & Credit Suisse Expected to Suffer Losses from Austria Billionaire Rene Benko European Conglomerate Signa Holding Bankruptcy Filing to Restructure with Self-Administration, Swiss Private Bank Julius Baer Booked $79 Million Loss Provision to Signa Holding with $690 Million Private Debt Exposure for 3 Loans
8th December 2023 – European banks including UBS & Credit Suisse are expected to suffer losses from Austria billionaire Rene Benko European conglomerate Signa Holding bankruptcy (Austria) filing to restructure with self-administration. Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe. Signa was founded in 2000 by the Austrian René Benko (Age 46). René Benko has an estimated personal fortune of around $2.8 billion. Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).
Austria Billionaire Rene Benko European Conglomerate Signa Holding Files for Bankruptcy to Restructure with Self-Administration, Swiss Private Bank Julius Baer Booked $79 Million Loss Provision to Signa Holding with $690 Million Private Debt Exposure for 3 Loans
1st December 2023 – Austria billionaire Rene Benko European conglomerate Signa Holding has filed for bankruptcy (Austria) to restructure with self-administration. Swiss private bank Julius Baer had booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe. Signa was founded in 2000 by the Austrian René Benko (Age 46). René Benko has an estimated personal fortune of around $2.8 billion. Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth).
Swiss Private Bank Julius Baer Booked $79 Million Loss Provision on a Single Client with $690 Million Private Debt Exposure, 3 Loans to Austria Billionaire Rene Benko European Conglomerate Signa Holding for Commercial Real Estate & Luxury Retail
29th November 2023 – Swiss private bank Julius Baer has booked a $79.8 million loss provision (CHF 70 million) on a single client with $690 million private debt exposure (CHF 606 million), comprising of 3 loans to Austria billionaire Rene Benko European conglomerate Signa Holding for commercial real estate & luxury retail. Signa Holding is Austria largest privately owned real estate company & one of the largest owner of shopping malls in Central Europe. Signa was founded in 2000 by the Austrian René Benko (Age 46). René Benko has an estimated personal fortune of around $2.8 billion. Swiss private bank Julius Baer provides private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients (Ultra high net worth). Julius Baer: “Julius Baer announced in its Interim Management Statement for the first ten months of 2023 on 20 November 2023 that it had booked provisions of CHF 70 million against the Group’s credit portfolio after 31 October 2023. The Group confirms that this amount was primarily related to the single largest exposure in its private debt loan book. This nominal exposure amounts to CHF 606 million, comprising three loans to different entities within a European conglomerate. The aggregate exposure towards this client group is secured by multiple collateral packages related to commercial real estate and luxury retail and is now subject to a longer-term restructuring. Julius Baer has taken measures to protect its interests and to preserve the value of its collateral and, if and when appropriate, the Group will remain prudent in booking further valuation adjustments as required.”
Philipp Rickenbacher, CEO of Julius Baer Group: “Julius Baer is very well capitalised and has been consistently profitable under all circumstances. We regret that a single exposure has led to the recent uncertainty for our stakeholders. Together with investing and multi-generational wealth planning, financing is an inherent part of the wealth management proposition to our clients. On this basis, together with the Board of Directors, we will review our private debt business and the framework in which it is conducted.”
Swiss Private Bank Julius Baer Booked $79 Million Loss Provision on a Single Client with $690 Million Private Debt Exposure
27th November 2023 – Julius Baer announced in its Interim Management Statement for the first ten months of 2023 on 20 November 2023 that it had booked provisions of CHF 70 million against the Group’s credit portfolio after 31 October 2023. The Group confirms that this amount was primarily related to the single largest exposure in its private debt loan book. This nominal exposure amounts to CHF 606 million, comprising three loans to different entities within a European conglomerate. The aggregate exposure towards this client group is secured by multiple collateral packages related to commercial real estate and luxury retail and is now subject to a longer-term restructuring. Julius Baer has taken measures to protect its interests and to preserve the value of its collateral and, if and when appropriate, the Group will remain prudent in booking further valuation adjustments as required.
- Julius Baer has a strong capital position with a CET1 capital ratio of 16.1% as of 31 October 2023, significantly above the Group´s own floor of 11% as well as the regulatory requirement of 8.2%. Even under a hypothetical total loss scenario, the Group’s pro-forma CET1 capital ratio at 31 October 2023 would have been in excess of 14% and Julius Baer would have remained significantly profitable.
- Julius Baer offers private debt as a structured finance solution exclusively within its holistic wealth management value proposition for UHNW clients. As of 31 October 2023, the private debt loan book amounted to CHF 1.5 billion as part of a total loan book of CHF 41 billion. The above-mentioned exposure is the largest in the private debt loan book. The remaining portfolio comprises loans to unrelated counterparties and various sectors with strong asset quality. The second largest private debt exposure amounts to CHF 216 million and the third largest to CHF 140 million, neither of which is related to the real estate sector. The rest of the portfolio consists of exposures of a considerably smaller size to 19 unrelated counter-parties.
Capital policy reconfirmed
Julius Baer reconfirms its capital distribution policy, under which it targets a dividend payout ratio of ~50% of adjusted net profit attributable to shareholders of Julius Baer Group Ltd., with the dividend per share at least equal to the previous year’s dividend per share. In addition, under this policy, CET1 capital that is meaningfully in excess of a CET1 capital ratio of ~14% at the end of a financial year will be distributed through a share buy-back programme launched in the subsequent year, unless acquisition opportunities arise that are strategically consistent and financially attractive.
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