Cembra Adds Nearly CHF 800 Million in Leasing Assets After Completing Santander Deal
Key Facts
Cembra Money Bank announced on November 3, 2026, that it had completed the acquisition of most of Santander’s Swiss auto finance business, adding around CHF 800 million in leasing assets to its portfolio. The bank said the transaction was executed as planned, with part of the assets entering its accounts one day before the announcement. Assets worth CHF 670 million were integrated as of November 2, while the remaining portion will follow in 2027. The deal expands Cembra’s Swiss auto finance business, particularly through the transfer of partnership agreements with international car and motorcycle manufacturers. The arrangements also include an exclusive partnership with Santander for pan-European leasing and financing programs in Switzerland.
Cembra announced on July 23, 2026, that it had agreed to buy most of Santander’s Swiss auto finance business. Completion comes around three months after the agreement was announced, with the accounting integration being carried out in two stages, according to the schedule provided by the bank. The transferred assets include leasing, along with commercial relationships and agreements with international manufacturers in the car and motorcycle sectors. Cembra said expanding its business and manufacturer relationships, alongside cooperation with Santander, strengthens its position among providers of auto finance solutions in Switzerland. The bank specifically cited the new-car sector as one of the areas where the expansion supports its position.
Cembra expects the deal to begin adding to earnings per share from 2027, the year in which the remaining assets are also expected to be integrated. The bank said the transaction will lift return on equity by around 25 basis points from 2028. The difference in timing reflects that the deal’s contribution to earnings per share is expected before its full estimated impact on return on equity. These estimates remain projections announced by Cembra upon completion of the acquisition, while the statement did not include a specific figure for the deal’s contribution to earnings. The bank thus links the expansion of its auto finance portfolio to an expected financial impact over the coming years.
The deal comes as Cembra recorded growth in net income in the first half of 2026, which rose 6% to CHF 92.3 million, while revenue remained stable and net financing receivables increased 2%. In earlier data, the bank’s auto leasing and loan assets stood at CHF 3.258 billion on June 30, 2025, up 2% from the end of 2024. The bank estimated its share of outstanding Swiss auto leasing market assets at around 18% in June 2025. Auto leasing and loans also accounted for 49% of net financing receivables at the end of June 2025, compared with 48% at the end of 2024. The addition of the new assets gives this business greater weight within the bank’s operations, according to figures it reported in its disclosures.
The context cited by Cembra in its previous report shows a divergence between Switzerland’s new and used car markets. New-car registrations fell 7% in the first half of 2025 to around 113,000 vehicles, while used-car sales rose 7% to 351,000. In this context, Cembra said strengthening its position is focused particularly on the new-car sector, through an expanded business base and partnerships with manufacturers. The deal includes agreements with companies that make cars and motorcycles, adding to the bank’s relationships in vehicle-related financing. This expansion is based on the transferred leasing assets and on pan-European financing and leasing programs to be offered in Switzerland in partnership with Santander.
On its upcoming calendar, Cembra set December 3, 2026, for its investor day, the next event listed after the announcement that the deal had been completed. The bank also set February 18, 2027, for the announcement of its 2026 results. The results announcement precedes the start of the expected positive impact on earnings per share in 2027, according to Cembra’s estimate. The expected increase of around 25 basis points in return on equity, meanwhile, begins in 2028, according to the bank. These dates give investors an opportunity to follow subsequent financial disclosures and the progress of integrating the deal’s assets into the bank’s accounts.