Julius Baer jumps 7% after FINMA closes enforcement case; adds 250 million CHF capital
Shares rise about 7% after Switzerland’s FINMA closed enforcement proceedings over private debt loans and ties to two “politically exposed” Russian individuals, ordering additional capital of 250 million Swiss francs until a planned divestment of incompatible clients.
Julius Baer rises around 7% after Switzerland's financial regulator FINMA closed enforcement proceedings over private debt loans and client ties to two "politically exposed" Russian individuals. The regulator ordered Julius Baer to hold additional capital of 250 million Swiss francs ($300 million) until it completes a planned divestment of incompatible clients. Zuercher Kantonalbank said it views the conclusion of the proceedings positively, saying that after a long wait investors can now truly turn the tide. It added that the clean-up phase has structurally strengthened the bank.
The broker expects share buybacks this year of around 100 million Swiss francs. The stock tops Europe's STOXX 600 index, on track for its best day since July 2023. 8328 Swiss francs)