Raiffeisen Switzerland has had a tough first half 2018, with the arrest of former CEO Pierin Vincenz as a culmination point. The business as such seems to have suffered only to a certain point though.
Raiffeisen is looking for a new chief executive and to fill the ranks of the board as well (release in German). The search for a replacement for Patrik Gisel, who will depart at the end of the year, is on at full speed, the company said when it presented half-year figures on Wednesday.
Even after the announcement of Gisel’s departure, Switzerland’s third-largest bank remains under pressure, not least because of a deficient corporate governance that the regulator’s probe revealed. Some people within the cooperative bank would prefer Gisel to leave with immediate effect.
New CEO, New Chair
The board obviously is feeling the heat and is intensifying the search for a CEO, and – given the unusual gender-neutral wording of the statement – is in particular also looking for female candidates.
On November 10, an equally new chairperson will have to stand for election, because interim President Pascal Gantenbein pulled out of the race in July.
Reasonable Set of Numbers
The bank is reasonably happy with the results of the first half, given the turbulence at the group headquarters. Profit declined to 416 million Swiss francs ($422 million), down 4 percent year-on-year.
Revenues increased almost across the board, reaching 1.64 billion francs, up half a percent from a year ago. Costs were down slightly, primarily because the investment in the new core banking system has been concluded.
