Lachappelle elected new Raiffeisen bank chairman

Swiss bank Raiffeisen has formally approved the appointment of Guy Lachappelle as the new chairman as well as four new board directors at a delegates’ assembly.  A clear majority of delegates voted on Saturday for Lachappelle, former chief executive of Basler Kantonalbank, who has been brought in to turn around the scandal-hit banking cooperative – Switzerland’s third biggest bank - and implement a series of governance reforms.  His predecessor, Johannes Rüegg-Stürm, resigned in March as Zurich prosecutors launched a criminal investigation into fraud allegations against former Chief Executive Officer Pierin Vincenz. Financial market supervisor FINMA said in June it had found “serious shortcomings” at Raiffeisen in a probe related to the fraud allegations against Vincenz. It said that the bank failed to adequately supervise Vincenz. + Read more about FINMA’s findings here Prosecutors are investigating Vincenz, who denies wrongdoing but has been forced to resign, on suspicion ...