ZURICH (Reuters) - Swiss Financial Market Supervisory Authority FINMA has ended proceedings into former banking and insurance executive Pierin Vincenz, saying they became redundant following his resignation from Swiss financial institutions.
While its investigation into the former Raiffeisen CEO had stopped, FINMA said on Thursday it would continue enforcement proceedings against Raiffeisen over corporate governance issues.
“The proceedings were motivated by findings that came to light within the Raiffeisen Switzerland following various FINMA-led investigations and an audit conducted by a FINMA mandatory regarding corporate governance issues starting from 2010,” FINMA said. “One of the key points examined in both instances was the way in which conflicts of interest linked to significant shareholdings were handled.”
Vincenz stepped down from his role as chairman of insurance group Helvetia (HELN.S) this week.
Raiffeisen, Switzerland’s third-biggest bank, last month established a new risk and compliance department following news of the proceedings.
Reporting by Brenna Hughes Neghaiwi; Editing by Michael Shields