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To be sure, these are sensible and necessary steps. But they won't repair Raiffeisen's damaged credibility, nor will it quell unrest among its cooperative owner-member banks or anger with its largely retail clientele.

The problem is CEO Patrik Gisel: the current Raiffeisen boss is an active part of the Raiffeisen era. Gisel chaired several Raiffeisen vehicles bought by Vincenz and now being scrutinized by prosecutors for evidence the former bank boss enriched himself with lucrative personal side deals.  

Trust ≠ Credibility

Gisel led negotiations to buy Investnet; he didn't question Stocker's role at the firm; and he accepted a 100 million franc price tag for the heavily indebted investment firm without conducting proper due diligence, according to a Deloitte investigation being cited by various media outlets. 

Ganteinbein is credible when he says that Gisel didn't know about his former boss' concealed side deals, so there is little for Raiffeisen's board to do but back the CEO. But this does not serve to restore the bank's credibility.

Denial of Facts

Gisel clearly sees himself as part of the solution, not part of the problem, which given his active role in the questionable transactions and at the firms involved is a denial of the facts of the case. That's why it is no longer relevant whether Gisel knew of any criminal wrong-doing or was even involved in it himself – he has not been accused of either, and it is now in the hands of investigators.

The challenge facing Raiffeisen is that it cannot ensure a no-holds-barred review into the scandal, which it needs in order to distance itself from the Vincenz era, if the very person that chaperoned and helped shape this era – CEO Gisel – is still in the job.

Leadership Vacuum

To be sure, the simultanous resignation of a chairman as well as a CEO would threaten to destabilize a systemically relevant lender like Raiffeisen. Ganteinsein assured media that Rueegg-Stuerm's departure was not due to pressure from Finma, which continues to investigate the bank in an enforcement proceeding. 

The outcome and consequences of Finma's enforcement probe is subject to speculation, Gisel's departure then will surprise no one.