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Helvetia chairman resigns amid regulatory probe

Helvetia Holding AG Chairman Pierin Vincenz resigned with immediate effect, as Swiss regulator FINMA investigates his handling of conflicts of interest during his tenure as CEO of Raiffeisen Gruppe Switzerland.

"In the last few days, it has become clear that the FINMA proceedings cannot be accelerated and thus will not be concluded until the next shareholders' meeting at Helvetia in April 2018," Vincenz said. "The ongoing uncertainty and the repercussions in the media, which these proceedings entail, have therefore led me to step down with immediate effect in the interests of the company."

Vice Chair Doris Russi Schurter will serve as interim chair until the April 20, 2018, annual general meeting. Vincenz had been chairman since October 2015 and a member of Helvetia's board since 2000.