Luxembourg’s financial sector supervisory commission, the CSSF, has approved Nishant Fafalia’s appointment as CEO, the bank added in its communiqué.

“This is a pivotal time in Advanzia’s strategic development, and I’m thrilled to be leading the bank through this innovative journey,” said Nishant Fafalia, CEO of Advanzia Bank. “Since my appointment as interim CEO in March, I’ve been energised by our employees’ passion and collaboration, and look forward to further building on our success by maximising our talent’s expertise. Together with Advanzia’s teams, I remain committed to furthering our digitalisation and strengthening our operational foundations to realise our ambitious growth plans.”

Fafalia has been an investment director at Kistefos, Advanzia’s majority shareholder, since 2010, and a member of the board of directors of Advanzia Bank since 2016. His responsibilities will include boosting Advanzia’s service offerings, such as its cards-as-a-service (CaaS) range, as well as an AI-driven digital transformation and putting more focus on customers.

Founded in Luxembourg in 2005, Advanzia Bank is a digital bank that specialises in credit cards and payment solutions. Besides the grand duchy, it is also present in Germany, France, Austria, Spain and Italy. As of the end of 2022, the bank employed 196 people. .