Helaba Adds $608 Million in Provisions After Signa Collapse
- CEO says provisions driven by a single client relationship
- Lender said to be key creditor to Benko’s property empire
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German bank Helaba put aside more money for souring property loans in the wake of the collapse of Rene Benko’s property empire.
Loss provisions in its real estate segment amounted to €556 million ($608 million) in 2023, up from €33 million in the prior year, according to a statement on Thursday.