Zurich – Prior to its ordinary expiry, Cembra Money Bank AG and Migros have extended their cooperation agreement for the Cumulus MasterCard credit card until 2022. This early contract extension allows for the parties to continue their joint 10-year success story and to secure the strategic cooperation over the long term. Both parties have agreed to keep details of this agreement, which also comprise modifications as a consequence of recent changes in the regulatory environment, confidential.
Robert Oudmayer, Chief Executive Officer of Cembra Money Bank, is delighted about the continuity in the partnership with Migros: "I am proud of our long-lasting cooperation with Migros and I am delighted that we will continue with this extraordinarily successful business venture. Migros is a strong, reliable and responsible partner."
Herbert Bolliger, Chairman of the Executive Board of the Migros-Genossenschafts-Bund (Cooperative Association), is also happy about the extension of the cooperation: "Cembra and Migros have been working together very successfully for the past ten years. Together we have turned the Cumulus MasterCard into Switzerland's most successful co-branding credit card. We intend to continue offering the most attractive credit card product for customers on the Swiss market."
As of 30 June 2016 Cembra Money Bank had 693,000 credit cards outstanding, the prevailing majority of which under the label of Cumulus MasterCard.