The CEO of Raiffeisen Bank International has resigned amid reports that he is being probed by the bank's compliance department over using an offshore account to manage property investments.

Raiffeisen Bank International chief executive Herbert Stepic has resigned from his post "for personal reasons", the bank announced today. The CEO is being investigated by the European bank’s compliance department amid media reports that he used an offshore account to manage real estate investments.

"Herbert Stepic has informed the Chairman of the
RBI Supervisory Board, Walter Rothensteiner, that he is offering to
resign his position as CEO of Raiffeisen Bank International AG due to
personal reasons," a statement today from the bank said. "The responsible committees at RBI will promptly consider this proposal. Herbert Stepic will continue in his function of CEO until the committees reach a final decision," it added.

Stepic employed UBS to set up the account, which was used to
buy and manage properties in Singapore,
the CEO has told Vienna’s News magazine in an interview, according to Bloomberg, noting that a spokesperson for
the firm confirmed the comments.

“Internal compliance has been instructed to consider this
information and to determine whether it meets with relevant regulations and
internal rules,” the bank is reported to have said. “Once this analysis is
complete, the competent bodies will evaluate the result and then draw the
necessary conclusions.”

There have been previous question marks about Stepic’s
investments. Austria’s
financial regulator, the FMA, ended a probe into his land deals in Serbia this
week after Stepic showed he had already exited the investment.