Raiffeisen's no-holds-barred probe of the leadership of ex-CEO Pierin Vincenz for evidence of more irregularities puts his erstwhile protege and current head of the bank, Patrik Gisel, on uneasy footing.
«It is certainly not an easy situation for him», Pascal Gantenbein (pictured below), chairman of Raiffeisen Group said in an interview with Swiss weekly «NZZ am Sonntag» (behind paywall, in German). Gantenbein was referring to CEO Patrik Gisel, who is under fire for his close business ties with the former CEO Pierin Vincenz, now in custody, and for signing off on participatory purchases, like those in Investnet.
Last week, Raiffeisen said it will undertake a new and comprehensive probe under widely-respected former central banker Bruno Gehrig and law firm Homburger to establish whether in addition to Investnet, there were any further participatory purchases involving irregularities.
All Parties Probed
Personal consequences cannot be ruled out. «When we analyze the participation deals, we in fact also look at the persons involved, be they from the business leadership group or the administrative board», Gantenbein said. He stressed there are no signs of any irregularities in Gisel’s involvement in the participatory purchases.
Gantenbein also said that by 2020 the Raiffeisen board will be replaced by nine new members. He indicated he was open to calls for more democracy within the Raiffeisen Group, which is cooperatively-organized.
