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The third largest bank in Switzerland will undergo a fundamental transformation in the coming months. Various projects have been launched
Raiffeisen is likely to change from top to bottom (Photo: Ennio Leanza / Keystone)
The resignation of bank chief Patrik Gisel is another step in a process in which the Raiffeisen group will be transformed from top to bottom.The fundamental problem with the financial enterprise was that the hierarchy was like if she was the headstand.The former boss, Pierin Vincenz, was the unrestricted leader, the board of directors, on the other hand, the disruptive element.As a governing body, this completely failed between 2012 and 2015, when Vincenz directed the bank.
The Finma Talks
The committee will therefore be renewed in the coming years from nothing, the Financial Markets Authority (Finma ) also speaking a word here. For example, imposed restrictions on the bank's expertise on the board of directors. Two of the new members should bring with them the experience necessary to run a bank the size of Raiffeisen. In fact, this profile is only filled by financial experts who have worked for one of the two big banks or the Zürcher Cantonal Bank.
Next, the post of president will be occupied, who is currently acting Pascal Gantenbein, officially as independent principal. He expressed his interest in assuming this function, but he is skeptical about Raiffeisen officials in the regions. Above all, his lack of leadership in a large company could be fatal.
With regard to the post of CEO, Raiffeisen Switzerland has not yet taken a decision. The favorites for the office are Urs Gauch, Head of Corporate Banking at Raiffeisen Switzerland, and Chief Financial Officer Christian Poerschke. But even here, the banking group is facing the fundamental decision of wanting to do a full reboot with an outside candidate.
Internal investigation
The reorientation of Raiffeisen Switzerland also includes the bank in April, the veteran manager and board member Bruno Gehrig entrusted the task of an internal investigation. Raiffeisen Switzerland has received a hundred holdings since 2005. For example, it is analyzing whether Raiffeisen paid an economically justifiable price for the company's shares, or whether the transactions were conducted behind the back of the board d & # 39; administration. Vincenz, for example, has invested in the investment company PME Investnet and, according to the judgment of Finma, does not disclose its intentions "adequately".
Change of AG?
It is also open because the cooperation between Raiffeisen Switzerland and the Raiffeisen banks will look. Of course, after the incidents, they seek to have more influence at Raiffeisen Switzerland. At Finma's request, this must ultimately clarify whether the move from a co-operative to a public limited company would be beneficial. In the case of the latter legal form, Raiffeisen Switzerland asserts, in the first place, that it would be able to quickly raise money on the capital market if it found itself in financial difficulty. This is more difficult for a cooperative.
Federal Structure
The structure of the Raiffeisen Group turns out to be advantageous, at least for dealing with the problems that lie ahead. With independent banks, there is a kind of federal organization. At Raiffeisen Switzerland, many are lazy, but the base has not been infected for this reason.
