ZURICH: The chairman of Switzerland’s third-largest bank, Raiffeisen, will step down with immediate effect after former CEO Pierin Vincenz was placed under investigation by prosecutors in a breach of trust probe, the lender said.
Johannes Rueegg-Stuerm is taking the step “to preserve Raiffeisen Swiss’s long-term credibility”, it said in a statement late on Thursday.
“With this step the veteran chairman of Switzerland’s third-largest bank is taking responsibility. He is clearing a path to drive forward renewal of Raiffeisen’s supervisory board.”
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