Julius Baer Was Key Lender to Collapsed German Firm Degag: HB

Julius Baer Group Ltd. was a key lender to German real estate group Degag Kapital GmbH, which collapsed last year owing almost €50 million ($58 million) to the Swiss firm, Handelsblatt reported.

The wealth manager filed €48 million in claims to Degag’s insolvency administrator, according to the German newspaper, which cited a preliminary insolvency report. The amount exceeds the record profit Julius Baer attained from its German business in 2023, Handelsblatt said.