Digital unit leaves Swiss cantonal bank with write-down

Basel cantonal Bank has been saddled with huge write-downs at its subsidiary Radicant. +Get the most important news from Switzerland in your inbox Savings must now be made while chairman Thomas Schneider and CEO, John Häfelfinger are to step down. The bank has made value adjustments totalling CHF105.5 million on its investment in Radicant Holding. The main reasons for the adjustments are unforeseen problems with the integration of the fiduciary business of Radicant Business Services and an excessively high cost base. Radicant Holding and Radicant Business Services are the successor companies to Numarics and Kreston Zurich. The cantonal bank is now planning a comprehensive cost reduction and efficiency programme as well as changes in the governance and business orientation of the Radicant companies. However, it remains committed to the strategic investment, according to the statement. In his ninth year as CEO and gead of the executive board, Häfelfinger will leave the bank at the ...