Next December, the delegates will only be able to elect two members of the Raiffeisen Switzerland board of directors. An experienced banker falls out of the running.

It is a further complication in the recent turbulent history of the Raiffeisen Group’s Board of Directors. As the cooperative banks announced on Wednesday, has Martin Sieg Castagnola (Picture below) withdrew his candidacy for the Board of Directors of Raiffeisen Switzerland.

The withdrawal was for health reasons, according to the announcement, without giving any further details.

A replacement has to be found first

Victory Castagnola should have been elected by the delegates of the Raiffeisen banks at an extraordinary general assembly at the beginning of December. This along with Thomas Müller, the President-elect, as well Sandra lathion as a further member of the Board of Directors.

The Board of Directors will decide at a later point in time about a substitute nomination for the attention of the Annual General Meeting, as it was said on Wednesday.

Relationship got out of hand

The extraordinary election had become necessary after Müller’s predecessor Guy Lachappelle had made his office as President of Raiffeisen available at the end of July. This in the course of a private relationship that got completely out of hand and resulted in reports against laughter.

Sieg Castagnola was Chief Financial Officer of Vontobel until 2020 and previously worked for many years in the General Management of Zürcher Kantonalbank (ZKB).

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