Raiffeisen: A bank, many projects

With the announced resignation of Patrik Gisel at the head of Raiffeisen, the bank answered a question: how much of time? Does the board want to see how the company's reputation is damaged? Destiny became Gisel's proximity to his predecessor Pierin Vincenz. He was sued for inappropriate management and, as the boss of Raiffeisen, he undermined corporate governance and presented the obedient board of directors.

These shortcomings in the proper management of enterprises, established by the Autorité des marchés financiers (Finma) new start. The board of directors is in full swing and, on an executive level, Gisel's departure is a start. It is quite possible that more heads are rolling. The ongoing internal investigation at Raiffeisen should bring more clarity. With the resignation of Gisel, Raiffeisen opens another site, that of the successor. The requirements for the candidate, the candidates are high. What is needed, it is a personality that can repair the trust beaten in the bank. A leader with the technical strength and character to successfully and correctly lead the third largest Swiss banking group, as a player in the team by respecting the division of responsibilities between senior management and the board of directors. # 39; administration. Raiffeisen is on the right track operationally. This shows the record profit in 2017. But the success is not obvious. Interest rates are low and regulatory requirements are rising, especially since Raiffeisen has been systemically important for four years. Following the sale of Notenstein private bank La Roche, Raiffeisen has to find a green branch in Private Banking. And the new and expensive computer science, Gisel's remarkable project, is to cure youth problems.

Before the appointment of a new leader, Raiffeisen wants the extraordinary delegates to meet in November on the scene. At this point, the renewal of the board continues. Interim President Pascal Gantenbein announced his candidacy for the presidency. He's tears and, if so, where he is elected, it's in the stars. Until now, Gantenbein has formed a tandem with Gisel, who determined to run Raiffeisen in quieter waters. After Gisel's departure, it seems more doubtful than ever that Gantenbein has a chance.

In addition, Raiffeisen Switzerland must thoroughly examine the advantages and disadvantages of converting to AG. This, of course, not their own insight, but by order of the Finma. Proponents of the cooperative like to argue that the legal form of the GA did not protect UBS ten years ago from their near-collapse. This is true, but just as a result of the financial crisis, the rights and obligations of shareholders have been strengthened. As a result, election advisers and institutional investors are more actively involved today and are more vigilant in their dealings with management.

As an associate, Raiffeisen would also have better access to the capital market. Individual Raiffeisen banks could in turn remain cooperative and participate as shareholders in the central office. Stay open as future boss, the future boss sees that. Raiffeisen therefore has every interest in answering the question of the legal form.