It is the biggest slump since Cembra went public in 2013. At times, the shares of the Zurich consumer credit institute fell by more than 30% on Monday. They found a bottom on Tuesday, but have so far only been able to recover little. The reason for the price implosion was the announcement that the retailer Migros wanted to sell its Cumulus credit card from July 2022 through its own Migros Bank and no longer through Cembra.
“The market reaction is a snapshot of the investors. We are convinced that we will meet our medium-term goals », says Holger Laubenthal, CEO of Cembra, in an interview with FuW. The more than 850,000 Cumulus Mastercard customers contribute a large part of Cembra’s credit card income. 31% or CHF 73 million of the total income in the first half (total CHF 236 million) came from the credit card business – of which at least 80% should come from the Cumulus credit card.
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