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Media Release, 18 November 2016 (pdf)
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Cembra Money Bank and Migros extend their partnership until 2022
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Zurich – Prior to its ordinary expiry, Cembra Money Bank AG and Migros have extended their cooperation agreement for the Cumulus MasterCard credit card until 2022. This early contract extension allows for the parties to continue their joint 10-year success story and to secure the strategic cooperation over the long term. Both parties have agreed to keep details of this agreement, which also comprise modifications as a consequence of recent changes in the regulatory environment, confidential.
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Robert Oudmayer, Chief Executive Officer of Cembra Money Bank, is delighted about the continuity in the partnership with Migros: "I am proud of our long-lasting cooperation with Migros and I am delighted that we will continue with this extraordinarily successful business venture. Migros is a strong, reliable and responsible partner."
Herbert Bolliger, Chairman of the Executive Board of the Migros-Genossenschafts-Bund (Cooperative Association), is also happy about the extension of the cooperation: "Cembra and Migros have been working together very successfully for the past ten years. Together we have turned the Cumulus MasterCard into Switzerland's most successful co-branding credit card. We intend to continue offering the most attractive credit card product for customers on the Swiss market."
As of 30 June 2016 Cembra Money Bank had 693,000 credit cards outstanding, the prevailing majority of which under the label of Cumulus MasterCard.
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Contacts
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Media:
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Andreas Werz; +41 44 439 8512; andreas.werz@cembra.ch
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Investor Relations:
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Christian Waelti; +41 44 439 8572; christian.waelti@cembra.ch
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Key dates
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23 February 2017
24 March 2017
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Publication of full-year 2016 results
Publication of Annual Report for 2016
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26 April 2017
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General Meeting 2017
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About Cembra Money Bank AG
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Cembra Money Bank AG is one of the leading Swiss providers of financial products and services. Its product range includes personal loans, auto leases and loans, credit cards and insurance as well as deposit and savings products.
Headquartered in Zurich-Altstetten, the Bank has operations across Switzerland via a network of 21 branches as well as alternative sales channels such as the Internet, credit card partners, independent agents and more than 3,200 car dealers.
Cembra Money Bank AG is an independent Swiss bank and has been listed on the SIX Swiss Exchange since October 2013. It has over 700 employees from more than 40 nations and almost 700,000 customers.
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