FINMA, the Swiss financial markets regulator, has told Compliance Matters that it has embarked on 'an enforcement proceeding against Raiffeisen concerning corporate governance issues.'

Swissinfo quotes the SonntagsZeitung newspaper as stating that the investigation will go as far back as 2010 and will look into corporate governance issues surrounding such acquisitions as Wegelin's non-US business in 2012. Wegelin, Switzerland's oldest private bank, was Raiffeisen's local rival. Back then, Raiffeisen's CEO Pierin Vincenz told reporters that foreigners only accounted for 3% of his bank's clientèle. FINMA declined to confirm or deny any of this when questioned today.