Cembra Money Bank AG
 
PDF Press Release
 

Change in the Board of Directors of Cembra Money Bank

 

Zurich, Switzerland - Richard Laxer has informed the Board of Directors of Cembra Money Bank AG that he will step down from his position as a member of the Board of Directors as of 1 September 2015. The 54 year old US citizen is President and CEO of General Electric Capital International since 2013 and has served as a member of the Board of Directors and of the Compensation and Nomination Committee of Cembra Money Bank since 24 September 2013.

 

Richard Laxer’s resignation follows General Electric’s sale of its entire holding of 9,460,785 shares in Cembra Money Bank which took place in an accelerated book building process on 7 May 2015.

 

Denis Hall has been the second General Electric representative on the Board of Directors of Cembra Money Bank and a member of the Audit Committee. He is Chief Risk Officer at GE Capital International since 2013. Mr Hall will continue to serve as an independent member of the Board of Directors.

 

The Chairman of Cembra Money Bank, Dr. Felix Weber, thanks Mr Laxer for his excellent contribution as a member of the Board of Directors: "Richard Laxer and General Electric provided crucial support while the Bank was separating from its former parent and becoming independent. The Board of Directors is pleased that Denis Hall will remain on the Board and continue to provide his vast expertise in risk management to the Board."

 

Contacts

 

Media:

Andreas Werz; +41 44 439 8512; andreas.werz@cembra.ch

Investor Relations:

Christian Waelti; +41 44 439 8572; christian.waelti@cembra.ch
 

About Cembra Money Bank AG

Cembra Money Bank is a Bank with a well-established position in Swiss consumer finance. The Bank is regulated by FINMA, holds a banking license and provides a range of financial products and services. The Bank holds leading positions in Switzerland for its Personal Loans and Auto business. It has a growing Credit Cards business based on partnering with Swiss retailers and other institutions.

 

Headquartered in Zurich, the Bank operates exclusively in Switzerland through a nationwide network of 25 branches as well as through alternative distribution and sourcing channels, such as the internet, credit card partners, independent agents and over 3,200 auto dealers.