It is not the 2022 results of the European digital bank of which he has been CEO for the past six years, but “new professional challenges” that have prompted Roland Ludwig to step down from his position at the head of Advanzia Bank. This announcement was made at the same time as the publication of their annual report.

In 2022, Advanzia’s financial year ended with a net income of €122.4m, compared to €120.7m in 2021. The bank reported gross credit card loans outstanding of €2.6bn for its 2.2m cardholders worldwide, an annual growth rate of 8.8%. Credit card turnover increased by 25.6% to €5.3bn.

Among its notable business achievements for the year, it cites the “exceptional growth of the no-fee credit card offering in Italy in its first full year of operation.” The country represents the sixth market in which Advanzia is present in this segment, after Germany, Luxembourg, France, Austria and Spain.

Nishant Fafalia, CEO ad interim

The results “the 2022 results demonstrate yet again our solid business model and both the relevance and popularity of Advanzia’s credit cards and payment solutions. It has been an honour to accompany the bank on its journey towards becoming a leading European digital card issuer,” says Ludwig.

Until a successor is found, Nishant Fafalia, a long-standing member of the board of directors, will take over as interim CEO, subject to approval by the Commission de surveillance du secteur financier (CSSF).

Founded in 2005 in Luxembourg, Advanzia Bank specialises in credit cards and payment solutions. It also offers its “Cards-as-a-Service” to more than 270 companies, associations and financial institutions. It employs a total of 196 people.

This story was first published in French on . It has been translated and edited for Delano.