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Signa Development faced a series of ratings downgrades and filed for insolvency proceedings in Vienna in late December.

Media reports said the bank’s troubles were linked to Signa, but Julius Baer didn’t specify.

German logistics entrepreneur Klaus-Michael Kuehne is examining a takeover of Signa Group's abandoned Elbtower high-rise project in his hometown of Hamburg, Handelsblatt reported.

Signa Prime, which co-owns the Selfridges department store in London, requires 500 million euros to meet obligations this year alone and will need another 1.5 billion euros of cash in the first half of 2024, the report said.

The funding request comes as Signa faces a property crisis in Europe exacerbated by a sharp rise in rates and building costs.