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Cembra Money Bank to acquire Swiss auto leasing firm

Cembra Money Bank AG signed an agreement to acquire Winterthur, Switzerland-based EFL Autoleasing for an undisclosed amount.

The transaction, which Cembra Money Bank expects to be EPS accretive as of 2018, is expected to close in the fourth quarter, with a merger of the auto leasing firm into Cembra expected to take place in the first half of 2018.

EFL had auto lease and auto loan receivables of approximately CHF280 million as of June-end, with net financing receivables of the combined businesses standing at about CHF1.9 billion.

Cembra Money Bank said it expects to exploit synergies from funding and operational leverage to increase profitability and efficiency.