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Julius Baer Chairman Romeo Lacher has announced he will not seek re-election at the 2025 Annual General Meeting, following significant credit losses tied to the Signa bankruptcy. The bank, which had previously written off nearly 600 million Swiss francs in loans to René Benko's real estate group, is undergoing a management overhaul after the scandal. The private debt portfolio, once valued at CHF 1.5 billion, is set to be fully wound up by 2026.
Irakli Kobakhidze, the Prime Minister of Georgia, criticized the Swiss banking system for being used as a tool for political blackmail against Bidzina Ivanishvili. He highlighted that the issues began in 2008 after Ivanishvili distanced himself from Mikheil Saakashvili and escalated following the Ukraine war, leading to the freezing of Ivanishvili's funds. Kobakhidze emphasized that despite the pressure, Ivanishvili remains committed to the country's interests, asserting that the actions against him are politically motivated and detrimental to the reputation of Swiss banks.
Georgian billionaire Bidzina Ivanishvili is pursuing legal action against Julius Baer, accusing the bank of "political blackmail" after it allegedly withheld information and threatened to terminate his accounts due to his status as a Politically Exposed Person (PEP). His lawyers claim the bank failed to act against hedge funds that missed repayment deadlines and misinterpreted US sanctions to his detriment. Ivanishvili is also considering further civil lawsuits in Switzerland related to previous disputes with Credit Suisse, which has been ordered to pay him substantial sums in recent rulings.
Georgian billionaire Bidzina Ivanishvili is initiating legal action against Julius Baer, accusing the bank of "political blackmail" and withholding information regarding his accounts. This follows a protracted legal battle with Credit Suisse, where Ivanishvili secured significant financial recoveries. His lawyers allege that Julius Baer acted against his interests in coordination with hedge funds and misinterpreted US sanctions affecting him and his family.
Bidzina Ivanishvili, founder of Georgia's ruling party, is suing Swiss bank Julius Baer for failing to fulfill obligations and for restricting access to information about hedge fund accounts. His lawyer claims the bank's actions suggest political blackmail, as Ivanishvili has faced ongoing disputes with Credit Suisse and related entities for nearly a decade. The relationship has worsened, with the bank allegedly threatening to close Ivanishvili's account due to his political activity and misinterpreting U.S. sanctions against him.
UBS aims for a CET1 return of around 15% by 2027, despite market skepticism over potential capital requirements from Finma. The bank has significant improvement potential in U.S. wealth management, where it lags behind competitors like Morgan Stanley, and seeks a full license to expand its offerings. UBS's current market value-to-equity ratio is just over one, indicating substantial valuation potential compared to U.S. mega-banks, which trade at twice their equity.
Bidzina Ivanishvili, the de facto ruler of Georgia, has filed a lawsuit against Swiss bank Julius Baer, alleging political blackmail after the bank extended U.S. sanctions to his family and companies. The relationship soured following issues with hedge funds and delays in accessing account information. Ivanishvili claims the bank's actions are part of a concerted effort to harm his interests, prompting him to seek legal remedies for damages.
Bidzina Ivanishvili plans to sue Swiss bank Julius Baer for alleged "political blackmail," claiming the bank threatened to close his personal account due to his political status. His lawyer, Lasha Kalandadze, argues that the bank misinterpreted U.S. sanctions and demands damages. Additionally, a civil lawsuit will be filed against Credit Suisse for compensation related to previous disputes.
André Esteves has acquired Julius Baer Brazil, marking his third purchase of a Swiss financial institution. The deal comes as Julius Baer sought to stabilize its operations amid client withdrawals, with BTG Pactual purchasing the Brazilian business for approximately $100 million.
Stefan Bollinger has officially taken over as CEO of Julius Baer, coming from Goldman Sachs. He faces significant challenges, including addressing the bank's cost issues and unresolved legacy problems from the Benko debacle, all while expectations for improvement are high. The bank has struggled to leverage opportunities following the downfall of Credit Suisse in March 2023.
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