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Financial expert reveals: UniCredit lends 600 million euros to Signa Group. Bank loans secured even though Signa-Holding is insolvent.
According to a report by finanzmarktwelt.de, banks in Germany have increasingly granted loans to René Benko's Signa group of companies. The holding company has filed for bankruptcy, and it is clear that the major bank UniCredit is also involved with a considerable sum. UniCredit has granted loans worth around 600 million euros to companies in the Signa Group. These loans were mainly granted by its subsidiary Bank Austria and are secured. These are individual companies within the Signa Group, not the central Signa Holding, which has filed for bankruptcy. The Signa Group's creditors include numerous banks and insurance companies from German-speaking countries, ...
Financial expert reveals: UniCredit lends 600 million euros to Signa Group. Bank loans secured even though Signa-Holding is insolvent.
According to a report by finanzmarktwelt.de, banks in Germany have increasingly granted loans to René Benko's Signa group of companies. The holding company has filed for bankruptcy, and it is clear that the major bank UniCredit is also involved with a considerable sum.
UniCredit has granted loans worth around 600 million euros to companies in the Signa Group. These loans were mainly granted by its subsidiary Bank Austria and are secured. These are individual companies within the Signa Group, not the central Signa Holding, which has filed for bankruptcy.
The Signa Group's creditors include numerous banks and insurance companies from German-speaking countries, including Raiffeisen Bank International, Julius Baer, Helaba and UniCredit. Many of the loans are secured by real estate. The Signa Group consists of hundreds of individual companies in several countries and has liabilities of 5 billion euros, making it the largest insolvency in Austria's post-war history.
The Signa Group's two most important real estate divisions had liabilities of more than 13 billion euros at the end of last year. This information suggests that Signa Group's bankruptcy could have a significant impact on the banks involved and possibly also on the real estate market. It is important to carefully monitor developments within the Signa Group and their impact on the financial sector over the next few months.
Read the source article at finanzmarktwelt.de