The Swiss banking cooperative is switching auditors. The move is a setback for PricewaterhouseCoopers, which had held the mandate through a large part of controversial ex-CEO Pierin Vincenz's tenure.
Raiffeisen Switzerland named Ernst&Young as its auditor, it said in a statement on Thursday. The firm takes over the mandate from PricewaterhouseCoopers, which had held it since 2007.
The move is likely a bid to put daylight between the bank and its past: PWC was Raiffeisen's auditor for an eight-year stretch under ex-CEO Pierin Vincenz, who is now under criminal investigation. Vincenz is likely to face charges shortly, as finews.com reported last month.
The Swiss bank's cooperative members approved all other recommendations from the board. Those included compensation and re-electing Chairman Guy Lachappelle, who on Wednesday outlined a five-year digital strategy, by a comfortable margin.
