Swiss private bank has to close because of Signa

The Swiss private bank Ihag has gone into the red and must close The financial institution officially justified the move with a “difficult market environment” and “lack of growth opportunities”.

In fact, the bank is likely to have been forced to pay a loan to the struggling Signa Group von René Benko have found themselves in the predicament of the Swiss Daily Advertiser reported.

Loan only partially secured

A spokesman for the bank confirmed media reports about the loan, which was granted in early 2023. 12 million euros were secured by shares. 18 million euros had to write off the bank, it was said. For the bank founded in 1949 by the Swiss industrial family Buhrle this meant the end.

Ihag Bank has more than 3 billion euros of client funds. The client book was created by the Vontobel Bank was announced on Friday. The purchase price was not disclosed. The transfer of customer funds is expected to be completed by the beginning of next year.

76 employees affected

An unspecified number of employees are also expected to move to Vontobel. A total of 76 employees are affected by the closure. 20 to 25 will have to look for new jobs. Early retirements are also planned, it was said.

Explosive personnel

The Kronen Newspaper In connection with the bank closure, an explosive personnel issue also came to light. The board of directors of the Swiss private bank in 2023 also included the former FPÖ Vice Chancellor and Wüstenrot CEO Susanne Riess-HahnUntil the beginning of 2024, she will also hold a supervisory board position at Signa Prime Selection. However, she is no longer listed in this position on the Ihag website.