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EFG banker quits to sit on deserted Raiffeisen board
14/09/2018 , News Team

The chief risk officer and a board member at EFG International, Thomas A. Mueller, is set to leave the bank following his nomination to the board of directors at Raiffeisen, the Swiss co-operative bank dealing with the fallout from a governance scandal.

Raiffeisen’s 11-member board was rebuked by the Swiss regulator FINMA in June, after an investigation found the board failed to stop a former chief executive from “generate personal financial gain at the bank’s expense”.

Six members of the Raiffeisen board have resigned this year, with the bank saying it expected eight of its 11 board members to resign by 2020.

Mr Mueller was one of five nominated replacements, with a special meeting in November expected to confirm these appointments.

His present employer EFG International said it “noted” the nomination and that it would announce Mr Mueller’s replacement “in due time”.

EFG International is a global private banking group offering private banking and asset management services and is headquartered in Zurich.

Raiffeisen is a co-operative of Swiss banks, and one of the country’s largest mortgage lenders.

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