Raiffeisen misses plan B – News Economy: Companies

It was a hopeless fight. The boss of Raiffeisen, Patrik Gisel, has been trying hard in recent months to stand out from his predecessor Pierin Vincenz. He did not succeed. The proximity of his former boss became his loss and cost him his job. Gisel had been repeatedly criticized in public for the business surrounding Vincenz's business. This would have played a double game in the takeovers of the credit card company Aduno and the investment company Investnet and personally cashed. He was detained for about 15 weeks. The authorities are investigating, Vincenz denies all allegations.

Gisel was Vincenz's right-hand man for years. Together they built Raiffeisen the third largest banking group in Switzerland. Machinations of his boss but he should have known nothing until the end. He kept saying it. The suspicion that this might not be, but caused constant agitation and bad press. Many members of the cooperative, not just them, were disturbed by this.

The case has also brought Raiffeisen to rename the board of directors in recent months. This eventually led to the departure of Gisels. The veteran forces were always on his side; they believed that he could make a fresh start with the bank. But the new members of the council were no longer loyal to him. Weights have changed significantly in recent months, say several independent sources. This was done in two stages: On March 8, Raiffeisen announced the precipitous departure of the chairman of the board of directors Johannes Rüegg-Stürm and two members of the board of directors resigned prematurely during the meeting. meeting of the delegates of June 16th. The board of directors elected a financial controller certified by Finma and a contractor.

This change of staff was decisive, according to the sources: While the board of directors in its previous composition under President Johannes Rüegg-Stürm was trying to protect Gisel, the new members are no longer important. They wanted a fresh start, even as a chef. "In recent weeks, new powers have emerged within the board of directors," says one insider. In several conversations, Gisel was reported in the episode that the office is no longer behind him

Violent internal criticism of Gisel

Crucially, apparently, the report of 39, full investigation by the Financial Market Authority (Finma). The Raiffeisen-Spitze originally wanted to keep this secret, but it did not last long. Recently, the presidents and heads of the 255 Raiffeisen regional banks were able to read it. The content is explosive: Vincenz and Gisel have twice exceeded their powers by granting more than half a billion loans to Leonteq and his boss, but have not reported this apparent cluster risk to the Council of administration in accordance. According to one observer, these passages in the Finma report sparked strong internal criticism from Gisel, on the one hand from representatives of regional cooperatives and on the other hand from employees of several internal news events.

Gisel felt the loss of confidence on the board of directors. In his press release yesterday, he stated that it was a voluntary initiative: "With my resignation, I want to reassure the public debate about myself and the bank and protect Raiffeisen's reputation", said Gisel. But the insider said, in truth, Gisel has lost support. "It's like jassen: The superior was penning the sub" Say: The board has put some pressure and Gisel has given way.

A successor is not ready yet: the boss of Raiffeisen, Patrik Gisel. Photo: Mario Heller

Gisel does not leave the bank immediately; He will guide you until the end of the year. Things were different for Aargauer Kantonalbank, who has recently experienced a change of unplanned leader, as the head of the bank, Pascal Koradi, had been criticized for his role in the postbus scandal. The board of directors took its time, looked at the candidates and drafted a plan B. When the involvement of Koradi became public again, the board of directors did not hesitate for a long time and l & rsquo; Has changed. At Raiffeisen, there seems to be no plan B. There is no candidate ready for substitution. It relies on Gisel's know-how.

The bank is now in an uncomfortable position. She is looking for a new chairman of the board, the board is being reorganized and now the CEO is vacant. This emptiness of leadership could call Finma on the plane. With her, he says: no comment. But it's no secret that the agency is currently working closely with the bank. But she apparently did not exert any pressure as the boss change took place.

Various names in the game

Finma's recent final report indicates that Raiffeisen's defects had been "serious", but that there were no problems supervision. for the current meeting room of the bank – so not for Gisel. However, the authority will decide whether to sue individuals when the bank's internal investigation report will be available. Former Swiss Life Chairman, Bruno Gehrig, is currently in charge of the internal work of the Vincenz era.

Acting President Pascal Gantenbein is standing in the November elections as permanent president of Raiffeisen. There should be more external candidates. Hans-Ulrich Meister, president of the construction company Implenia and former banker of Credit Suisse, would be interested. Alexandre Zeller, President of Credit Suisse Switzerland, has also been appointed. However, it is probably difficult to negotiate with members, and he should accept a pay cut of nearly 1 million francs. UBS Switzerland's former boss, Lukas Gähwiler, has already been put on the line. But he seems comfortable as a man for special tasks at UBS. A change seems extremely unlikely. Antoinette Hunziker-Ebneter, the president of the Cantonal Bank of Bern, is already on the list of headhunters, according to the industry. This would correspond to the Raiffeisen culture with its critical attitude towards high bonuses.

Raiffeisen is in a difficult position, says Björn Johansson, headhunter and business consultant. The future boss needs to know who is going to be president – and vice versa. "It's a dangerous situation if you have to choose both at the same time," says Johansson. There must be basic trust between the boss and the board chair. It would not be possible if they did not know each other.

Because Gisel had been counted for a while, the board probably already thought about his potential successors. "There are certainly ideas as to who might be his successor, but there was probably no concrete discussion," says Johansson. In Switzerland, there are only a dozen candidates in his opinion who are eligible. It must be a Swiss with a leadership experience at the highest level, who understands the banking business. In addition, it was important for him to become familiar with risk management, one of the most important tasks of Raiffeisen. In addition, it is important to deal with the crisis that it is a credible person with a flawless resume.

Internal Raiffeisen candidates are unlikely to have a chance. Michael Auer, head of business with private clients and investment, has the problem, like Gisel, of being in the upper management for far too long. IT Director Rolf Olmesdahl is having trouble because Raiffeisen's new software is causing a lot of problems. For new members of the board Christian Poerschke and Urs Gauch, the step is still too early, says a connoisseur of the bank. He also says that it is impossible for a Raiffeisen regional bank chief to be taken to the head office of the head office. Because even the largest regional cooperatives are measured in terms of the number of employees compared to too small headquarters.

There remains only one external candidate. This desire is cherished by the influential members of the cooperative. The new boss of Raiffeisen must understand the cooperative structure and know the small business. Therefore, the boss of a larger cantonal bank, like Roland Ledergerber of the cantonal bank of St. Galler, would be more appropriate. He has the right age and experience, such a connoisseur. Stefan Loacker, the former president of the insurer Helvetia, could also be considered. Raiffeisen was involved in this case, so Loacker knows the bank well.

(Tages-Anzeiger)

Created: 18.07.2018, 22:17