Swiss consumer finance company Cembra Money Bank has completed its previously announced acquisition of local peer cashgate.
The transaction closed following the receipt of regulatory approvals and other closing conditions.
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Cembra Money Bank CEO Robert Oudmayer said: “We are happy to welcome on board cashgate’s highly experienced team and look forward to bringing together our expertise for the benefit of our clients.”
In July this year, Cembra Money Bank signed an agreement with Aduno Holding to acquire all shares in cashgate for CHF277m. cashgate is the consumer financing arm of Aduno.
On Aduno’s part, the deal was aligned with its strategy to focus on core business operations.
As a part of the deal, Cembra also took over all cashgate employees and assumed the responsibility to fully repay the existing borrowing of the business.
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By GlobalDatacashgate provides personal credit, vehicle leasing and rental deposits.
It is said to be one of the largest Swiss consumer credit institutions with around 90,000 customers.
The lender employs around 160 people. It operates through Zurich, St. Gallen and Lausanne locations with branches in Langenthal, Winterthur, Neuchatel and Geneva.
Headquartered in Zurich-Altstetten, Cembra Money Bank provides consumer finance products and services to the customers.
Its product portfolio includes personal loans, auto leases and loans, deposit and savings products, credit cards and insurance.
