Annual Report 2017

Resilient with strong roots

Cembra Money Bank AG is a leading Swiss provider of ­consumer finance products and services. Its product range includes personal loans, auto leases and loans, credit cards and insurances sold with these products, as well as invoice financing, deposit and savings products.

Cembra Money Bank AG is an independent Swiss bank and has been listed on the SIX Swiss Exchange since October 2013. It is headquartered in Zurich and has more than 800 employees from 38 nations.


809,000

customers

Attractive financial products and a first-class customer service have enabled Cembra to extend its client base year after year. As of 31 December 2017, 809,000 customers had placed their trust in Cembra Money Bank as their preferred partner, a growth of 8% versus prior year.

History

The roots of Cembra Money Bank date back to 1912 with the foundation of Banque commerciale et agricole E. Uldry & Cie. in Fribourg, which was later renamed to Bank Prokredit. GE Capital merged Bank Prokredit in 1999 with Bank Aufina which had been acquired in 1997. The new GE Capital Bank was renamed to GE Money Bank in 2006. In October 2013, the Bank separated from its parent company GE, went public and was rebranded as Cembra Money Bank AG. The Bank is named after the Swiss pine tree Cembra (Pinus cembra), a sturdy and resilient tree with strong roots. It symbolises the strength and geographical background of the Bank.

Products and customers

Headquartered in Zurich, the Bank has operations across Switzerland with a diversified distribution network of 18 branches, independent intermediaries, credit card partners, car dealers and online sales channels.

The Bank is a leading player in the personal loans market in Switzerland, offering a personalised premium service and efficient decision-making.

Cembra is the biggest brand-independent auto leasing player in Switzerland. 35% of the vehicles financed by ­Cembra are new, 65% are used. The products are sold via a distribution network of 3,600 car dealers acting as intermediaries. A dedicated sales force of 29 field agents and the staff at three service centres provide a personalised, flexible and efficient service.

In 2006, the Bank began offering credit cards via a cooperation with Migros, Switzerland’s biggest retailer. Since then, Cembra has broadened its range of credit cards by adding new partner programmes with Conforama, TCS and fnac, and by introducing its own credit card. The Bank is offering innovative and attractive features with its different credit cards, such as no annual fees, collecting Migros Cumulus points, cash back or personalised design. Since 2006, the number of credit cards issued has grown from zero to 803,000 cards.

Along with personal loan, auto lease and loan products, Cembra offers payment protection insurance products to its customers. These insurance products provide financial protection in case of involuntary unemployment, accident, illness or disability. Cembra also provides travel and flight accident insurance and card protection insurance to its credit card customers. For all insurance products, the Bank acts as an intermediary.

Furthermore, the Bank offers deposit and savings products at competitive interest rates, for both retail customers and institutional clients.

In 2017, Cembra acquired the Swiss invoice financing company Swissbilling AG, which enabled the Bank to extend its product portfolio.