March 2, 2018 / 8:58 PM / 20 days ago

UPDATE 1-Swiss bank Raiffeisen CEO says will not quit over predecessor probe

(Adds detail about detention)

ZURICH, March 2 (Reuters) - The head of Switzerland’s third-largest bank, Raiffeisen, said on Friday he would not step down in relation to a criminal probe that has led to the detention of his predecessor, Pierin Vincenz.

Vincenz denies wrongdoing but has been forced to resign from his business roles amid the probe. Chief Executive Patrik Gisel had worked together with Vincenz for years before taking over the helm in 2015. Gisel said he plans to stay as CEO at the retail bank, whose 1.9 million customers are cooperative members.

Swiss prosecutors are investigating Vincenz on suspicion of breach of trust linked to cashless payments business Aduno as well as private equity firm Investnet, the Swiss bank said.

Swiss media reported on Friday that a court in Zurich agreed to keep Vincenz in custody, as prosecutors had sought, as authorities continue their investigation.

Neither prosecutors nor the court in the Swiss banking centre could immediately be reached for comment. (Reporting by Brenna Hughes Neghaiwi and John Miller; Editing by Michael Shields)

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