Swiss banking giant Julius Baer has said that is contesting the order of German agency BvS to pay back German government over CHF100 million over the assets that went missing during the reunification of East and West Germany.
In a statement Julius Baer said it is contesting the BvS’s claims and that it has "taken measures to protect its interests."
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The statement added that the claim "has been notified under representations and warranties obtained from the Seller of Bank Cantrade as per the respective transaction agreement from 2005."
BvS, a Germany agency tasked with recovering and managing the communist-era funds, filed a claim against the bank with the District Court of Zurich last month.
The lawsuit alleged that from 1989 to 1992 a businesswoman acting for an East German trading company was allowed to make unauthorized withdrawals from Bank Cantrade, which Julius Baer acquired from UBS in 2005.
The agency is seeking about CHF100 million, plus accrued interest since 1994.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
