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Construction has halted at six sites under development in Germany by Rene Benko's property company Signa, data compiled for Reuters show, underscoring the depths of troubles at the firm and the... -November 10, 2023 at 05:12 am EST - MarketScreener
Germany's Allianz on Friday posted a 30% fall in its third-quarter net profit, dragged down by claims from natural catastrophes, although the financial services company maintained its full-year...
The European subsidiary of Russia's VTB is changing its name after its parent refused to allow it to operate under the brand, an executive told Reuters. The Frankfurt-based bank, already ring-fenced by regulators due to sanctions and in liquidation since last year, will from now on be known as OWH SE, said Frank Hellwig, the chief executive officer of VTB's Europe hub. Before Russia invaded Ukraine, VTB in Europe attracted tens of thousands of German savers with its relatively high interest rates and marketed itself as a sponsor of Frankfurt's ice hockey team, the Lions.
FRANKFURT (Reuters) -Germany's Commerzbank said on Wednesday that net profit more than tripled in the third quarter, better than expected and helped by higher interest rates, as it presented a strategy update. Analysts had on average expected profit of 611 million euros, according to a consensus forecast published by Commerzbank. Like many banks, Commerzbank is benefiting from a rise in interest rates and the income that generates.
Rene Benko, one of Europe's most prominent property tycoons, on Wednesday relinquished the chairmanship of Signa Holding, the real estate empire he founded, amid an investor revolt and dimming prospects for the sector. Signa's troubles have come to symbolise the repercussions of a surge in interest rates on companies that have borrowed heavily to grow. Born in 1977 in Innsbruck, Rene Benko dropped out of school and began by turning attics into apartments.