Cembra and Migros to terminate credit card partnership as of June 2022
EQS Group-Ad-hoc: Cembra Money Bank AG / Key word(s): Miscellaneous Ad hoc announcement pursuant to Art. 53 LR
Zurich - After a successful 15-year partnership, Cembra and Migros will terminate their cooperation agreement for the Cumulus-Mastercard credit card as of June 2022. For strategic reasons, the Federation of Migros Cooperatives (Migros-Genossenschafts-Bund) has decided to issue a proprietary credit card via Migros Bank in future. No changes for customers until their card expires Cembra plans to introduce an attractive successor product Mid-term targets confirmed - strong capital base ensures sustainable dividend policy Holger Laubenthal, CEO of Cembra, commented: "The Cumulus-Mastercard has set standards in many respects. We are proud of what we have achieved in these 15 years together with Migros. We see this situation as an incentive to become even better and even more innovative. It's not only our existing customers who will benefit from these measures and our strong position in the credit card business, but our new credit card business partners too.' 1 Mid-term targets: Return on equity >15%, Tier 1 capital ratio of at least 17%, dividend payout ratio of 60-70%
About Cembra Money Bank We have over 1 million customers in Switzerland and employ more than 1,000 people from 41 different countries. We have our headquarters in Zurich and operate across Switzerland through our network of branches and our online distribution channels, as well as our credit card partners, independent intermediaries and car dealers. We have been listed as an independent Swiss bank on the SIX Swiss Exchange since October 2013. Cembra is rated A- by Standard & Poor's and is included in the SXI Switzerland Sustainability 25 Index and in the 2021 Bloomberg Gender Equality Index. End of ad hoc announcement |
Language: | English |
Company: | Cembra Money Bank AG |
20 Bändliweg | |
8048 Zürich | |
Switzerland | |
Phone: | 044 439 8111 |
Internet: | https://www.cembra.ch |
ISIN: | CH0225173167 |
Valor: | A1W65V |
Listed: | Regulated Unofficial Market in Berlin, Munich, Stuttgart; SIX Swiss Exchange |
EQS News ID: | 1228087 |
End of Announcement | EQS Group News Service |
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1228087 23-Aug-2021 CET/CEST