Aduno Holding sells cashgate to Cembra Money Bank
Zurich, 1 July 2019
Aduno Holding has signed an agreement with Cembra Money Bank providing for the sale of 100% of the shares in cashgate AG, which bundles the consumer financing business of the Aduno Group. Through its acquisition of cashgate, Cembra Money Bank will also be taking on the employees of cashgate AG and will fully repay the existing borrowing of the cashgate business. Closing of the transaction is subject to the customary conditions and should be completed in the third quarter of 2019. The purchase price is CHF 277 million.
This agreement represents a further step for the Aduno Group in implementing its strategy to expand and focus on the core business. 2017 saw the sale of Aduno SA and its acquiring and terminal business to the SIX Group. In 2018, the Aduno Group acquired the Manor customer card business under the umbrella of Accarda AG. The acquisition of Accarda was a major milestone in the implementation of the Group’s strategy to become a leading provider in the Swiss credit card business.
Cembra Money Bank, which is headquartered in Zurich-Altstetten, is one of the leading Swiss providers of consumer credit products and services. It employs more than 800 people in Switzerland. The company has been listed on the Swiss stock exchange since November 2013.
“The Aduno Group and Cembra Money Bank focus on the Swiss market”, said Pascal Niquille, Chairman of the Board of Directors of the Aduno Group. “Both companies are correspondingly familiar with Swiss circumstances and uphold the cultural values of our country. The agreement that has now been signed enables the Aduno Group to continue its focused strategy in a systematic manner. At the same time with Cembra Money Bank we have the guarantee that the employees leaving us will be working for a company with a similar culture and great respect for its workforce. For me this is a clear expression of a win-win situation, as all parties will benefit from this agreement.”
Robert Oudmayer, Chief Executive Officer of Cembra Money Bank, commented: “With the acquisition of cashgate we continue to implement our growth strategy. Thanks to this acquisition we are further expanding our market position in the Swiss consumer finance space and growing as an independent provider of auto leases and loans. We also look forward to continue digitising our core business together with the experienced team at cashgate.”