Financial watchdog accuses Raiffeisen of major governance failings
This content was published on
1 minute
swissinfo.ch/ds
The Swiss Financial Market Supervisory Authority (FINMA) has concluded its investigation into Swiss bank Raiffeisen, saying it identified “serious shortcomings” in governance.
“FINMA has found that the bank’s handling of conflicts of interest was inadequate,” the regulatory body said in a statementExternal link on Thursday.
FINMA, which launched its investigation in October, concluded that Raiffeisen’s board of directors failed to adequately supervise its former CEO, Pierin Vincenz. This failure enabled him, at least potentially, to generate personal financial gain at the bank’s expense, FINMA said.
Vincenz, who is suspected of unfair management when he chaired the credit card company Aduno, was released from pre-trial detention on Wednesday.
Raiffeisen, for its part, has taken a series of measures in the past two years in a bid to resolve the situation.
FINMA found the measures taken “appropriate”, provided that they are “rigorously” implemented. It will appoint an independent auditor to monitor implementation.
The financial authority ordered further action, calling for the renewal of the board of directors of Raiffeisen Switzerland with an eye to strengthening its expertise.
More
More
Former Swiss banking boss released from custody
This content was published on
In a statement, Vincenz called his detention period “unnecessary and completely disproportionate in its length”. He and a former business partner, who was also released at the same time, were held while Zurich prosecutors gathered evidence. In February, Vincenz was accused of illegally enriching himself by making personal investments in two Raiffesisen subsidiaries, Aduno and…
First large-scale alpine solar plant approved in Switzerland
This content was published on
The approval was met with satisfaction by the project's organisers, but it also brings with it a certain amount of pressure.
Medieval squirrels may have ‘helped spread leprosy’
This content was published on
An examination of squirrel remains in the United Kingdom has opened up interesting questions and possibilities in terms of the history of the disease.
Swiss money laundering office registers record number of reports
This content was published on
The Money Laundering Reporting Office Switzerland (MROS) registered a record number of reports of suspicious activity last year.
Two teens accused of planning terror attack released from custody
This content was published on
The Schaffhausen judiciary has released the two teenagers from custody who allegedly planned bomb attacks in Switzerland.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Finance minister questions Raiffeisen board pay rise
This content was published on
Finance minister Ueli Maurer criticizes the Raiffeisen bank board for giving itself a 40% pay rise as the bank's ex-CEO faces criminal proceedings.
This content was published on
Proptech start-up SwissRealCoin's gripes about FINMA reveal that tension still exists between the growing Swiss blockchain sector and the country's financial regulator.
This content was published on
Switzerland must do more to deal with the growing threat of cyber- attacks, the Swiss financial watchdog FINMA has warned.
This content was published on
Fears are growing about the high proportion of early business failures resulting from last year’s “initial coin offering” crowdfunding craze.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.