As the diversification strategy pursued by Vincenz backfired badly, the bank now is working hard to retrench. Patrik Gisel, the successor to Vincenz, had already rid the company off asset manager Vescore and private bank Notenstein La Roche. Raiffeisen is also keen to lower the stake in Leonteq, the fintech firm, while it reassesses the contracts it has with IT supplier Arizon.
5. New Bosses and Fewer Bosses
With today’s announcement came word that board members Gabriele Burn, Beat Hodel and Paulo Bruegger would leave the bank. That way, nobody is left of the old guard of pre-2015. The bank expects it now has created the necessary conditions to engender a change of corporate culture and hopes to be ready for the future led by a new team.
The top brass may not include as many members as it used to, Lachapelle indicated. The bank is looking to replace Michael Auer, the operative chief. It will pay the three boards members their wages during the statutory cancellation period.
6. New Auditors Sought
Raiffeisen will be looking to replace its auditors following the conclusion of Bruno Gehrig on the failings in keeping the books of the bank. PWC held this mandate during the period investigated by Gehrig.
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