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FINMA ends probe into Raiffeisen Switzerland ex-CEO

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FINMA ends probe into Raiffeisen Switzerland ex-CEO

The Swiss Financial Market Supervisory Authority, FINMA, said it has discontinued enforcement proceedings against former Raiffeisen Gruppe Switzerland CEO Pierin Vincenz after he resigned from executive management positions at financial institutions supervised by the regulator.

FINMA brought enforcement proceedings against Vincenz in October after a FINMA investigation and an audit examined the way in which "conflicts of interest linked to significant shareholdings were handled" at the firm, which in turn raised questions about Vincenz's "proper business conduct" during his time as Raiffeisen Switzerland CEO. It noted that, after his resignation from Raiffeisen, Vincenz still held executive positions at other institutions overseen by the regulator.

Since FINMA's regulatory investigations began, however, Vincenz has resigned from positions relevant to the case, including as chairman of Helvetia Holding AG, making the proceedings redundant.

The Swiss regulator said concurrent enforcement proceedings against Raiffeisen Switzerland over corporate governance issues will continue.