In this singular and isolated case, FINMA found that Cembra Money Bank, before terminating the relationship with the credit agent in 2011, significantly violated regulatory provisions regarding control and organization.

FINMA acknowledges the measures relating to the organization, processes and personnel taken by Cembra Money Bank following the Bank's investigation in 2011 and in conjunction with FINMA's examination in 2014 as sufficient and appropriate in view of the incidents that took place. The Bank's auditors will regularly assess the effectiveness of those controls. Hence, no additional measures against the organization will be taken by FINMA.

There are no financial consequences for Cembra Money Bank other than the cost of the investigation and the bank's own legal cost related to the examination, which add up to about CHF 1.5 million. This amount is fully covered by the provision of CHF 3 million recorded in June 2014 which will be adjusted accordingly. Cembra Money Bank confirms its full year guidance for 2014.

Robert Oudmayer, CEO Cembra Money Bank, said: “We are satisfied that the regulatory proceedings are now completed. Cembra Money Bank was fully supportive and cooperative during FINMA's investigation. The various measures implemented will secure the future sustainable development of Cembra Money Bank.”

Contacts

Media:

Juerg Staehelin (IRF Communications); +41 (0)79 414 6039; juerg.staehelin@irfcom.ch

Investor Relations:

Christian Waelti; +41 (0)44 439 8572; christian.waelti@cembra.ch

Key Dates