The top banker Pierin Vincenz led the Raiffeisenbank to its heyday. At the same time, the charismatic manager was extremely popular. Until justice came and another side came to light. Now he has to answer in court.
«NZZ Akzent»: The banker who seduced Switzerland
author
David Vogel, Benedict Hofer
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Pierin Vincenz had everything under control for a long time. From 1999 to 2015 he was the CEO of Raiffeisenbank, the bank that some used to ridicule as a “little farmer’s bank”. Vincenz turned the company inside out with new business models so that it became more visible as the third largest banking group behind the two big Swiss banks. The success and his charisma made Vincenz known throughout Switzerland. In the media he presented himself as the humble banker from the mountains who criticized the big bankers for their business practices.
After Vincenz resigned in autumn 2015, he began to stumble. After his arrest, he ended up in custody at the end of February 2018 and spent more than 100 days in a solitary cell.
From January 25, the once popular banker will have to answer to the district court of Zurich together with co-defendants. The Zurich public prosecutor accuses him of commercial fraud and embezzlement, among other things. Observers speak of the largest economic process in Switzerland for a decade. The interest in the hearing is so great that it had to be moved to a concert hall.
What happened? Business editor Zoé Baches says Pierin Vincenz has moved away from the core values of Raiffeisenbank over the years. Externally, he distanced himself from the big banks, but when it came to his own salary, he wanted to keep up with the bankers in Zurich. He is said to have acted covertly by secretly participating in startups and unjustly enriching himself in the millions. He is also said to have overdrawn his expense account massively.
The fact that Vincenz’ behavior was only critically discussed after the end of his career testifies to a lack of internal control at the bank, Zoé Baches continues. In the latest episode of “NZZ Akzent” she tells the story of the formerly most popular banker in Switzerland, who gradually, unnoticed by the public, maneuvered himself into the abyss.
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