The burgeoning crypto bank’s recent restructuring led to the exit of several more prominent names, finews.com has learned.
The Zug-based bank’s asset management head, Daniel Kuehne, and digital custody chief, Philipp Dettwiler, are the latest in a slew of departures, finews.com has learned. Both men left at the end of last month; Dettwiler is now operating chief of Atomyze, a blockchain firm focused on commodities.
Several other top executives includung legal chief Sibil Melliger and security head Nagib Aouini also left in recent months. Melliger now holds the same role at Atomyze, while Aouini founded a start-up, Duokey, in Lausanne.
Exits Through Ranks
Seba is losing rank and file staff as well: a spokesman for the year-old bank said that it had grown continuously since its inception two years ago, but made «strategic adjustments» last month that affected less than ten employees. Those cuts were initially reported by Swiss banking blog «Inside Paradeplatz» (in German).
While some of the departures are a normal course of fast-paced start-up life, most recent departures come on top of the exit earlier this year of several key executives under CEO Guido Buehler. Operating chief Thomas Nietlisbach left in June, and Seba’s first technology boss, Per Magnusson, is now a senior trader at Zuercher Kantonalbank.
Board Ructions
Of Buehler’s original top management, just client and investment solutions boss Philipp Baretta and and Urs Bernegger, head of trading and credit, remain. The ructions extend to Seba’s board, where Chairman Andreas Amschwand left suddenly three months ago following a strategy clash.
Paivi Rekonen, a former UBS and Credit Suisse banker with technology experience as well, took over for him last month. Another director, Singapore’s Goh Jin Hian, bowed out quietly amid a scandal at home.
Cash Call Looms
Seba faces a cash call with its investors for a push into lending and into tokenization – both balance sheet-intensive activities. Julius Baer is among Seba’s investors, but looks unlikely to pony up again, finews.com reported last month.
Seba, which is heavily backed by Asian investors, blew through the better part of 100 million Swiss francs ($110 million) in its first two years. Finma, Switzerland’s financial regulator, wants the bank to ensure that as much as half of Seba’s upcoming funding round comes Swiss investors, according to sources.
