Raiffeisen investigation prompts management shakeup


An independent study of troubled Swiss bank Raiffeisen has found no evidence of criminal conduct. However, the bank has announced a package of new measures as well as the departure of three board members.

This content was published on January 22, 2019 - 09:04

As the bank announced on TuesdayExternal link, three members of the executive board have resigned with immediate effect. This means that all members of the board who had served before 2015 – in the era of ex-Raiffeisen CEO Pierin Vincenz – are no longer working there. The secretary general has left, too.

+ Why ex-bank CEO Vincenz was held for 15 weeks

The study, led by economics professor Bruno Gehrig, focused on the investment businesses that Raiffeisen Switzerland and its subsidiaries bought under Vincenz. It cited serious deficiencies in the acquisition and management of shareholdings.

Gehrig found no evidence that Vincenz or other former or current Raiffeisen managers had behaved in a criminally relevant manner or personally enriched themselves. However, information related to the criminal proceedings was excluded from the study.

Zurich’s attorney general is investigating the former Raiffeisen boss for potentially improper business management – including cashing in on company takeovers of the credit card company Aduno and the investment company Investnet.

Last summer, Vincenz’s successor resigned in the aftermath of the scandal.

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