Radicant Bank, a digital bank based in Switzerland, has dismissed its CEO and co-founder following the leak of an internal email that criticized critics and local politicians.
Anders Bally co-founded Radicant in 2021 and had held the CEO position since its inception. The bank, which is part of Basellandschaftliche Kantonalbank (BLKB), announced in a statement that Bally was let go “due to a different understanding of leadership and communication.”
In the interim, the bank will be led by two co-CEOs: Rouven Leuener, the chief product officer, and Roland Kläy, the chief financial officer.
This decision has surprised many in the Swiss fintech and banking sectors. Despite receiving its banking license in May, Radicant has yet to launch, though an opening is anticipated in March.
Radicant markets itself as the “first digital platform for sustainable investments in Switzerland,” and it enjoys strong support from BLKB.
Bally’s ousting followed a leaked email published on a Swiss blog, in which he criticized a report in the German newspaper BZ that raised concerns over the high costs associated with developing Radicant’s business. Bally warned of a “sh*tstorm” in response to the article and questioned the understanding of digital banking among older politicians in the country.
The contents of the email were met with disapproval from BLKB management, with finance director Anton Lauber commenting that “emails with such content are simply not tolerable.”