Cembra Money Bank acquires invoice financing provider SWISSBILLING17.02.2017 08:40
SWISSBILLING is an invoice finance company founded in 2011 with operations mainly in Western Switzerland. The acquisition will enable Cembra to expand the product offering to retailers and merchants.
Cembra Money Bank has reached an agreement to acquire 100% of the shares of SWISSBILLING SA, a Swiss-based invoice financing company with operations mainly in the French speaking region of Switzerland. Thanks to this acquisition, Cembra gains access to a best-in-class technology platform that will enable it to extend its range of financing solutions to a broader consumer base. This acquisition is in line with Cembra Money Bank’s strategy to build on its position as a leading consumer finance provider in Switzerland.
All SWISSBILLING employees will be retained and the existing relationships of the company with its customers will not be affected by the acquisition. SWISSBILLING will continue to operate as an independent entity within the Group under its own name. The current management of SWISSBILLING will continue to be actively involved in the business. The transaction consideration was below CHF 10 million and is expected to have a negative impact of 0.1% on the Group’s CET1 ratio as at closing. The transaction is expected to close within the first quarter of 2017.
Robert Oudmayer, Chief Executive Officer of Cembra Money Bank, said: “SWISSBILLING has established itself as an up and coming player in the invoice financing market in Switzerland. SWISSBILLING will enable Cembra to expand the product offering to retailers and merchants. Next to personal loans and credit cards, their customers can also benefit from invoice financing solutions.”