FX.co ★ Offshore deals cost Raiffeisen's CEO job

The reckless statement may cause the public scrutiny. Raiffeisen Bank International Chief Executive Herbert Stepic in his interview for the Vienna's News leaked that he spends his spare time on investing in Singapore real estate. For these purposes the banker used his personal account in the Swiss bank UBS. The CEO admitted the fact of a purchase of three apartments and confirmed the fee payment. However, he did not report to his employer about those property deals. Such action completely contradicts the standards of the business ethics and shatters the board's reliability. For fear of the reputation of Raiffeisen, where he had been working for more than 40 years, Stepic decided to resign. The resignation will be officially accepted by the Management Board after getting the internal investigation results.
The RBI administration admits that it will be hard to find an appropriate substitute for this high-level professional. Meanwhile, that is not the first inspection of Herbert Stepic's financial activity. Last week the Austrian Financial Markets Authority completed the investigation, which was conducted in order to trace his Serbian account operations. The results, reported by the FMA, say that no violations were found.