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.
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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.
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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The Swiss Financial Market Supervisory Authority (FINMA) identified “serious shortcomings” in governance at
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Former Raiffeisen boss Vincenz faces criminal probe
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“Raiffeisen is therefore making a maximum contribution to the complete clarification of all processes,” the bank said in a statement on Wednesday. Vincenz has been dogged by suspicions of conflict of interest during his tenure as Raiffeisen boss, during which he personally invested in subsidiaries of the banking group. There have also been questions surrounding…
Raiffeisen bank under financial regulator scrutiny
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FINMA confirmed on Monday that it had initiated investigations concerning corporate governance within Raiffeisen. The opening of a possible legal process against the bank will depend on the outcome of the investigation. According to the SonntagsZeitung newspaper, the investigation will go as far back as 2010 and will look into corporate governance issues surrounding acquisitions and…
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