July 18, 2018 / 6:00 AM / a year ago

Raiffeisen Switzerland's CEO steps down in wake of Vincenz probe

ZURICH, July 18 (Reuters) - Raiffeisen Switzerland said Chief Executive Patrik Gisel decided to step down at the end of the year to protect the reputation of the bank after he'd been criticised in relation to fraud allegations against his predecessor Pierin Vincenz.

"With this step, he wants to put an end to the public debate regarding his person and to protect the reputation of the bank," Switzerland's third-largest bank said in a statement on Wednesday, adding there was no doubt about Gisel's integrity.

Swiss financial market supervisor FINMA said last month it found serious breaches at Raiffeisen Switzerland in a probe related to fraud allegations that forced Vincenz, who denies wrongdoing, to resign from business roles.

Gisel, who worked with Vincenz for years before taking the helm in 2015, had also come under pressure from the probe, but had ruled out stepping down in March

Reporting by Silke Koltrowitz; Editing by Sunil Nair

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