Material changes between the balance sheet date and the editorial deadline (9 March 2019)
Raiffeisen Switzerland publishes Gehrig report and takes appropriate action (22 January 2019 )
In his investigation of investment transactions in the years 2005 to 2015, Prof. Dr Bruno Gehrig found no evidence of criminal conduct based on the available information. However, it was confirmed that principally in the years 2012 to 2015 there had been serious deficiencies in the acquisition and management of participations within the scope of the diversification strategy.
In the course of the reappraisal, Raiffeisen Switzerland retested all existing participations for impairments. At the time of publication of the press release, Raiffeisen Switzerland assumed that this would result in extraordinary items amounting to a maximum of CHF 300 million. In the preparation of the financial statements, special effects amounting to around CHF 270 million were booked. The sustainable earnings power and above-average equity ratio of the Raiffeisen Group have been preserved and Raiffeisen is still a strongly capitalised bank.
After the renewal process of the Board of Directors had been completed in 2018, a renewal of the Executive Board also started in November 2018 with the resignation of Dr. Patrik Gisel and the resignation announcement of Michael Auer. On 21 January 2019, Gabriele Burn and Dr. Beat Hodel relinquished their posts with immediate effect. Paulo Brügger tendered his resignation as Member of the Executive Board as per 21 January. Therefore, all those people who were already members of the Executive Board prior to 2015 have left the company.
Raiffeisen acquires Avaloq's stake in ARIZON (press release published 31 January 2019)
Following the successful launch of the new Avaloq platform at all Raiffeisen banks, Raiffeisen Switzerland will acquire the 49% stake of Avaloq in the existing joint venture ARIZON Sourcing Ltd. In connection with this transaction, provisions of CHF 69 million were recognised, which are part of the already communicated extraordinary items. ARIZON Sourcing Ltd will be fully integrated in Raiffeisen Switzerland in the first half of 2019.