Raiffeisen owes me 591 francs

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Thomas Müller and Heinz Huber are as inconspicuous as their names. But the president of Raiffeisen and his chief executive officer are precisely the people who can bring the banking group back to a post-Vincenza era.

However, there is something that those in charge of Raiffeisen apparently haven’t figured out yet: they run a cooperative bank. There is no other way to explain why they proudly presented a record profit of CHF 1.2 billion this week, up 10.6 percent from 2021.

This huge increase in profits is a slap in the face for me and for all the other 2,001,498 members of the cooperative in the country. After all, this means that we haven’t gotten even close to better terms from the bank we own.

In 2018, Raiffeisen made a profit of CHF 285 per member of the cooperative. In 2022, it was already 591 Swiss francs. This money must go back to the members of the cooperative in the form of higher interest on savings, lower interest on mortgages, or lower fees. Because article 2 of the Raiffeisen charter provides that the bank conducts its activities “in mutual self-help in the sense of Friedrich Wilhelm Raiffeisen’s ideas of cooperation.”

Members of the cooperative should remind the heads of their local Raiffeisen banks of this when they make a pilgrimage to the general meeting in the near future – and not just applaud another profit record and be content with dinner.

Source: Blick