Migros Bank Expands Customer Base With Credit Card Offering: The banking subsidiary of Swiss retail giant Migros expanded its client base thanks to the acquisition of the Cumulus credit card. An increase in operating costs limited profit growth.
Migros Bank now has over one million customers, it announced Tuesday as part of its 2022 annual results. Profit was on par with the previous year at 240.5 million Swiss francs after investments in the company's digital transformation and allocations to the Migros Group pioneer fund.As reported by finews.com, Migros Bank had taken over the Cumulus credit card, previously issued by Cembra Money Bank in cooperation with Migros.
A closer look at customer figures shows there is more potential to attract Cumulus card customers. Compared to the end of 2021, the bank gained 211,500 customers across all lines of business, compared to the approximately 850,000 holders of the Cumulus credit card before the takeover. Since credit card contracts run for several years, the transition may not yet be complete, and it is also competing with Cembra which is trying to retain former Cumulus cardholders.
Migros Bank will celebrate its 65th anniversary in 2023. The general conditions in the anniversary year will remain challenging, as it cautioned on Tuesday. Against this backdrop, the bank expects solid growth and annual results in line with the previous year.
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