Swiss Bank CEO Under Fire as €105 Million Fintech Deal Turns Sour
Pristina, Kosovo/Basel, Switzerland – John Häfelfinger, CEO of the Basellandschaftliche Kantonalbank (BLKB), is facing intense scrutiny following the collapse of a highly controversial acquisition of the Kosovar fintech startup, Numarics. The deal, initially lauded as a forward-thinking investment, has resulted in a loss of €105 million and triggered a special examination by Zurich-based financial crisis specialists, GWP.
The saga began with Häfelfinger’s visit to Numarics’ headquarters in Pristina, where he reportedly expressed strong admiration for the company’s culture, as reported by BZ Basel on Saturday. This enthusiasm quickly translated into a full acquisition, merging Numarics with a Zurich-based entity. However, the union proved disastrous, rapidly leading to financial ruin.
A report from GWP,released last week and due to be presented to Baselland politicians and the public on Thursday,appears to shield Häfelfinger from direct blame. The report suggests the obligation for the bankruptcy lies with his superiors, who promoted him from a Commercial Manager at Credit Suisse to the head of the mid-sized BLKB nearly a decade ago.GWP reportedly found that Häfelfinger’s role, and that of his operational leadership team, was “not sufficiently anchored” in the decision-making process.
However, evidence suggests Häfelfinger was the key driver behind the ill-fated purchase. Standard procedure for acquisitions dictates rigorous due diligence – a thorough inquiry of the target company’s facts and risks – conducted by the operational leadership. This team then provides a recommendation to the Bank Council, who ultimately holds the decision-making power. While the Council is responsible, it typically relies heavily on the CEO’s advice.
In the case of Numarics, Häfelfinger and other key figures seemingly pushed for the merger, hoping to quickly integrate the startup with their existing operations. This occurred despite mounting concerns. As early as January 2024 – eight months before the October acquisition – Inside Paradeplatz published a critical report questioning Numarics and its founders, revealing the company was less a cutting-edge fintech firm and more an “Excel sweatshop” operating out of Pristina
