"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.