July 1, 2019 / 7:05 AM / 3 months ago

Cembra buys Cashgate from Aduno for 277 million Swiss francs to boost loan portfolio

The logo of Cembra Money Bank is seen at its headquarters in Zurich, Switzerland July 1, 2019. REUTERS/Arnd Wiegmann

ZURICH (Reuters) - Cembra Money Bank (CMBN.S) is expanding in Swiss consumer finance by buying Cashgate from Aduno Holding AG for 277 million Swiss francs 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.

Reporting by John Miller; Editing by Michael Shields

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