Scandal-hit Raiffeisen bank loses another top boss

The Swiss Raiffeisen banking group has been hit by scandals in recent years. © Keystone / Gaetan Bally

Guy Lachappelle, chairman of the Swiss Raiffeisen banking group, has become the latest high-ranking executive to lose his job at the company as a result of a scandal.

This content was published on July 16, 2021 - 13:37

A tearful Lachappelle announced his resignation on Thursday evening, admitting that he had leaked confidential documents while at a previous job as boss of Basel Cantonal Bank (BCB).

Swiss media report that the offence, dating back to 2017, is linked to a now-ended extra-marital affair, during which Lachappelle allegedly sent an email to his lover containing top-secret details of BCB’s proposed digital upgrade. The Basel prosecutor’s office is now investigating the allegations.

While the offence did not take place during his time at Raiffeisen, the mistake has nevertheless made Lachappelle’s current position untenable. He will be replaced as Raiffeisen group chairmanExternal link by Pascal Gantenbein.

Vincenz affair

It is the latest in a string of scandals to hit Raiffeisen in Switzerland. The most serious case involves former CEO Pierin Vincenz, who awaits trial next year accused of fraud, embezzlement and bribery.

That scandal also resulted in his successor, Patrik Gisel, having to step down because he was too closely linked with Vincenz.

Other casualties of the Vincenz affair include former chairman Johannes Rüegg-Stürm, who resigned for failing to control his CEO’s actions. Other board members were also told to leave the banking group.

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