Cembra buys Cashgate from Aduno for 277 mln Sfr to boost loan portfolio
01/07/2019 07:56
ZURICH, July 1 (Reuters) - Cembra Money Bank CMBN.S is
expanding in Swiss consumer finance by buying Cashgate from
Aduno Holding AG for 277 million Swiss francs ($282 million) as
the domestic market for personal loans and auto leases and loans
consolidates.
"We are further expanding our market position in the Swiss
consumer finance space and growing as an independent provider of
auto leases and loans," Cembra Chief Executive Robert Oudmayer
said.
With the takeover of Cashgate, Cembra Money Bank increases
its personal loans and auto leases and loans portfolio by around
1.4 billion francs, to 6.2 billion francs.
($1 = 0.9828 Swiss francs)
(Reporting by John Miller; Editing by Michael Shields)
((J.Miller@thomsonreuters.com; +41 58 306 7734; Reuters
Messaging: j.miller.thomsonreuters.com@reuters.net))