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Swiss bank Raiffeisen's chairman steps down amid probe of ex-CEO

Reuters  |  ZURICH 

(Reuters) - The of Switzerland's third-largest bank, Raiffeisen, will step down with immediate effect after former was placed under investigation by prosecutors in a breach of trust probe, the lender said.

is taking the step "to preserve Swiss's long-term credibility", it said in a statement late on Thursday.

"With this step the veteran of Switzerland's third-largest is taking responsibility. He is clearing a path to drive of Raiffeisen's supervisory board."

It named as

Vincenz has been placed in investigative custody in the criminal probe. He denies wrongdoing but has been forced to resign from his business roles amid the probe.

(Reporting by Michael Shields; Editing by Muralikumar Anantharaman)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 09 2018. 13:21 IST