Financial watchdog accuses Raiffeisen of major governance failings
The former chief executive of Raiffeisen bank in Switzerland, Pierin Vincenz, spent 15 weeks behind bars. Vincenz was released on Wednesday
Keystone
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…
Swisscom receives greenlight for acquisition of Vodafone Italia
This content was published on
The takeover of Vodafone Italia by Swisscom is nearing completion. All relevant authorities have now approved the €8 billion (CHF7.45 billion) deal.
Novo Nordisk stock market plunge drags down Swiss device maker Ypsomed
This content was published on
The Danish pharmaceutical giant, Novo Nordisk, faced setbacks on Friday that weighed on the share price of Swiss injection device manufacturer Ypsomed.
Swiss press react to EU deal with mix of euphoria and scepticism
This content was published on
Swiss media reaction to the agreement between Switzerland and the EU varies widely. Some are celebrating, while others worry about what is to come.
Swiss Solidarity donations to tackle child abuse top CHF4 million
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), has raised over CHF4 million ($4.3 million) to tackle child abuse.
EU Commission president says Swiss-EU deal is ‘historic’ agreement
This content was published on
At a joint media conference with Swiss President Viola Amherd in Bern, European Commission President Ursula von der Leyen spoke of a "day of joy".
Switzerland and EU reach deal on future bilateral relations
This content was published on
Switzerland and the European Union have announced a political agreement to update their trading relationship after almost a decade of difficult talks.
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.