Patrik Gisel, chief executive officer of the Raiffeisen bank, has resigned from his position over criticism related to the bank’s former boss Pierin Vincenz, who is facing criminal proceedings for suspected corporate fraud.
This content was published on
2 minutes
SDA-ATS/ln
Gisel will leave his post at Switzerland’s third-largest bank by the end of the year.
His decision to step down was taken to end the debate about him and to protect the bank’s reputation, announced the Raiffeisen Group in a statementExternal link on Wednesday.
Gisel had come under fire in connection with the bank’s former chief executive, Pierin Vincenz who is facing an ongoing criminal investigation into alleged fraud, which he denies committing.
Gisel was Vincenz’s deputy at the time when the alleged offences are said to have been committed.
The Zurich public prosecutor’s office had placed Vincenz in custody for fifteen weeks earlier in the year, to prevent him from communicating with the accused individuals.
The 61-year-old 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.
Corporate governance
Following Vincenz’s arrest, Raiffeisen faced proceedings last year from the Swiss Financial Market Supervisory Authority (FINMA).
FINMA foundExternal link that the bank’s handling of the conflicts of interest had been “inadequate”.
It said that the board of the scandal-hit bank should have controlled its CEO more.
In March, the chairman of the board of directors, Johannes Rüegg-Stürm also resigned from his position following proceedings against Vincenz. The Board of Directors of Raiffeisen Switzerland had opened the selection process for a new CEO, it said in the statement.
But the integrity of Patrik Gisel remained “above doubt”, Raiffeisen wrote in the statement.
Neither the FINMA probe which concluded in June, nor the interim results of the ongoing independent investigation into the “Pierin Vincenz era” had placed a regulatory burden on Gisel, it said.
More
More
Raiffeisen report raises questions for Europe’s co-operatives
This content was published on
Will there be repercussions across Europe for co-operative banks following the Raiffeisen scandal in Switzerland?
Media: Swiss medical services done abroad are billed at Swiss rates
This content was published on
In Switzerland, some medical services carried out abroad are still billed at Swiss rates, despite costing less, RTS reports.
This content was published on
Sophie Hediger, a member of the Swiss national snowboard cross team, has died in an avalanche in Arosa. She was 26 years old.
This content was published on
Several Swiss films exceeded the 100,000 admissions mark worldwide in 2024 and received widespread praise at international film festivals.
Swiss Alpine resorts covered in white gold for Christmas
This content was published on
Many areas at low altitudes in Switzerland are enjoying a blanket of snow. In the mountains, intense precipitation has delighted skiers.
SWISS makes emergency landing in Austria after smoke in cockpit
This content was published on
Swiss International Airlines (SWISS) made an emergency landing of an Airbus in Graz, Austria on Monday evening after engine problems.
L’Oréal acquires South Korean subsidiary of Migros’ cosmetics brand
This content was published on
French cosmetics firm L'Oréal is acquiring Gowoonsesang Cosmetics, the South Korean subsidiary of the Migros-owned Mibelle group, for an undisclosed sum.
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
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…
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.
Former Raiffeisen boss Vincenz faces criminal probe
This content was published on
“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 chair resigns over scandal-tainted former CEO
This content was published on
A statementExternal link released by the bank on Thursday, said the move was intended to “preserve the long-term credibility of the bank”. Rüegg-Stürm’s resignation “will open the path to renewal of the board” it added. Board vice-president Pascal Gantenbein will assume interim charge of the board until a replacement can be found. “My priority task…
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.