Zurich – Cembra Money Bank (“Cembra”) signed an agreement to acquire 100% of the shares of EFL Autoleasing AG (“EFL”) for an undisclosed amount. EFL is a well-established auto lease and auto loan financing company based in Winterthur (Switzerland). As per end of June 2017, EFL had auto lease and auto loan receivables of circa CHF 280 million.
Robert Oudmayer, CEO of Cembra Money Bank, said: “The acquisition of EFL fits very well with our strategy to realize profitable growth in consumer finance in Switzerland. The transaction strengthens our position as the leading independent auto leases and loans provider in Switzerland.”
Beat Imwinkelried, Chairman of the Board of Directors of EFL Autoleasing, commented: “I am happy to have found a reliable and professional partner in Cembra which has the scale advantages to further develop the EFL business and to take it to the next level.”
The combined auto lease and auto loan business will have net financing receivables of circa CHF 1.9 billion. Cembra expects to exploit synergies from funding and operational leverage leading to an overall increased profitability and higher efficiency. The transaction is expected to be EPS accretive as of 2018.
The transaction is expected to close in Q4 2017, with a merger of EFL into Cembra Money Bank, expected in the first half-year 2018.
All documents (investor presentation and this media release) are available at www.cembra.ch/en/investor