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PR 21072014
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Zurich, Switzerland – On 18 July 2014 Cembra Money Bank received the final report of the FINMA appointed examiner for comments.
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Considering the findings in the report relating to the period prior to 2012 and in light of potential financial consequences and cost associated with the examination, Cembra Money Bank will record a provision of CHF 3 million, as part of its financial results as of June 2014, which will be published on 29 August 2014.
Cembra Money Bank expects that FINMA will issue its final position in the fourth quarter of 2014.
In view of the pending investigation, Cembra Money Bank will not comment further on the topic.
Contacts
Media:
Brigitte Kaps; +41 44 439 8194; brigitte.kaps@cembra.ch
Investor Relations:
Christian Waelti; +41 44 439 8572; christian.waelti@cembra.ch
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About Cembra Money Bank AG
Cembra Money Bank is a Bank with a well-established position in Swiss consumer finance. The Bank is regulated by FINMA, holds a banking license and provides a range of financial products and services. The Bank holds leading positions in Switzerland for its Personal Loans and Auto business. It has a growing Credit Cards business based on partnering with Swiss retailers and other institutions.
Headquartered in Zurich, the Bank operates exclusively in Switzerland through a nationwide network of 25 branches as well as through alternative distribution and sourcing channels, such as the internet, credit card partners, independent agents and over 3,200 auto dealers.
The Bank generated a consolidated net income of CHF 132.9 million in 2013. As at 31 December 2013, the Bank had financing receivables of CHF 4.0 billion and a consolidated Tier 1 capital ratio of 19.7%. It had ca. 700 full time equivalent employees, serving approximately 624,000 customers.
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