ZURICH (Reuters) - 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.”
It named Pascal Gantenbein as interim chairman.
Vincenz has been placed in investigative custody in the criminal probe. He denies wrongdoing but has been forced to resign from his business roles amid the probe.
Reporting by Michael Shields; Editing by Muralikumar Anantharaman