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Since the financial crisis, no Swiss bank has sunk into the mess of Raiffeisen 2018. The former boss Pierin Vincenz has led to the abyss the cooperative's headquarters in St. Gallen. He is being prosecuted for more than three months, and is expected to spend more than three months in detention, and for next year he is prosecuted by the prosecution for hidden business during his time as CEO. The board of directors of Raiffeisen Switzerland is a skeleton without a leader, the cooperative structure has proved unsuitable, the new IT devours more than half a billion francs and does not work, and more recently Bank chief Patrik Gisel announced his resignation. Gisel was rightly the number 2 Vincenz for 13 years and too close to him.
Gisel paves the way for a new beginning. However, Raiffeisen basically needs to clean this up on three internal building sites. On the one hand, the bank must put an end to the concealment of its past and its communicative salami tactics. All reports on the Vincenz era are on the table. These include the Deloitte report, on the basis of which the Financial Markets Authority (Finma) conducted an investigation against Raiffeisen, with disastrous results for the Bank.
Everything Must Become Public
So far, only a few excerpts from the Deloitte Report on the financial blog "Inside Paradeplatz" public. But even those few lines were enough to destroy Gisel's credibility. The excerpt shows how close Gisel was to the Vincenz system. For Raiffeisen, Gisel led the negotiations in 2011 for the acquisition of private equity firm Investnet. Because of Investnet, the prosecutor is investigating Vincenz. Vincenz's friend, Beat Stocker, was involved in Investnet, after transferring money to Vincenz after being bought by Raiffeisen.
Gisel knew that he was involved, but not that Stocker was behind – and he was not asking either who exactly was the sinister minority shareholder. He did not really take it. According to Deloitte's excerpts, under Gisel's negotiation, no proper review and appraisal of Investnet took place, the warnings of the internal experts were dismissed. After the acquisition of Raiffeisen, Investnet was over-indebted. Since Deloitte's excerpts have been published, Gisel's protests that he has not known Vincenz's alleged transgressions sound hollow.
Finma's final report on his monitoring procedure against Raiffeisen must be put on the table. Until now, only one message exists. Raiffeisen keeps the report secret, only the presidents and bosses of the country's 255 Raiffeisen banks are allowed to inspect after signing a vow of silence. Even the brief public summary of the report was explosive and, all at once, all the members of the Vincenzian Council of Administration could not be maintained. At their meeting in Lugano in June, Raiffeisen delegates presented the chair at the door. And Gisel was also completely delivered after the Finma report. Tenor: The board of directors and management nodded everything the grand president, Vincenz, ordered – a house for a gentleman-style man.
Finally, the Gehrig report must be made public. Former Swiss Life Chairman Bruno Gehrig and a team from Homburger investigate Raiffeisen's investments during the Vincenz years. He will attend the meeting of the Special Delegates (Raiffeisen) on 10 November. The Finma has already announced that on the basis of the report, it intends to decide again when it will open a case against other people. If Raiffeisen also maintains the Gehrig report in November, the bank will celebrate the old lack of transparency even with new heads.
The chiefs, the staff of the bank, are the second job that Raiffeisen has to undertake for a fresh start. New board members and a new boss also include new executives. Half of the panel, along with Paulo Brugger, Michael Auer, Gabriele Brun and Beat Hodel, is still full of people from the Vincenz era. A new boss can not tolerate any abuser in his management. But before the liquidation of a successor to Gisels, Raiffeisen will receive a new president. And that should not be called Pascal Gantenbein.
Gantenbein, vice president since 2017 and interim president since March 2018, wants to join the ao. Have DV elected as ordinary chairman of the board of directors. He has until now made a completely unhappy figure. Until the end, he was content with Patrik Gisel. According to the reports, it was the undisputed new members of the board of directors who pushed for the resignation of Gelsel, not Gantenbein. The Basel teacher has long been lost to the regional princes of Raiffeisen. Before the delegates in Lugano, he did not clearly indicate he would run in the presidential election, but before the media afterwards. He defended the salary increase for the council, which the Finma has accused of failure. He made Deloitte's report not even in extracts publicly. In the Finma report, only regional princes are under penalty of being inspected. Gantenbein has never had the courage to break clean with the past, a new start is not possible with him at the top.
One Solution to the Structural Problem
There is a more trivial reason against Gantenbein. The famous headhunter Guido Schilling is already looking for alternative candidates, so the nominating committee of the board – which Gantenbein, of course, does not belong to – has a choice. In mid-August, the panel intends to engage only one candidate, which it will propose to delegates for the election. Already, the names of the presidents and former heads of banks and banks circulate. Some time ago, regional Raiffeisen princes were called to submit their files. Unlike Gantenbein, all these individuals fulfill a central requirement of Finma to the new members of the Raiffeisen Board of Directors: banking experience
Transparency and good people do not benefit a bank if it has a structural problem. The former Vincenz Kingdom, Raiffeisen Switzerland, is in fact a cooperative subsidiary of the country's 255 Raiffeisen banks. The headquarters in St. Gallen take on common tasks and give the group a national weight and face. In fact, the girl under Vincenz but the cabin of the group. Regional delegates can not even vote on the remuneration of the board of directors of Raiffeisen Switzerland during their meetings.
Raiffeisen banks and their delegates must put their daughter in St. Gall on the sidewalk, to grant new design rights match those of shareholders of a joint stock company. The state's 255 Raiffeisen banks can remain cooperative and the St. Gallen head office has lost this privilege. Finma delivered the model. The structural problem can only be solved if Raiffeisen Switzerland not only hypocritically examines the transformation into AG, as the monitoring requires, but also implements it. It also means that in the future, the co-op members and the media will attend delegates' meetings.
The announcement of Patrik Gelsel's resignation at the end of the year was a necessary step. Now, Raiffeisen Switzerland must become transparent, hire competent staff and change the structure. If that succeeds, the bank will come out of chaos.
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