Cembra, a bank specializing in personal loans, will move its headquarters from Zurich-Altstetten to Baden in the canton of Aargau by autumn 2027, the bank said Thursday.
The relocation marks the second major Swiss bank to leave the city of Zurich in recent months. Vontobel recently announced its decision to relocate to Baar in the canton of Zug.
Cembra will occupy the Konnex building complex in Baden-Nord, an former industrial district. The bank described the new premises as offering modern infrastructure, up-to-date building technology and energy-efficient operation, with a floor-plan and usage concept designed around current working practices. Its location is central and well connected to public transport, according to the company.
"We want to ensure that our working environment continues to suit our corporate culture, our goals and the needs of our employees in the long term," said Cembra CEO Holger Laubenthal. "With the new headquarters in Baden we are creating optimal conditions. Our customers will continue to be served via our five hubs and our partner network throughout Switzerland."
Cembra offers financing and payment solutions including personal loans, vehicle financing, credit cards with related insurance products, invoice financing and savings products. It serves more than 2 million customers in Switzerland through partnerships with credit-card companies, independent intermediaries and car dealers. The bank employs around 800 people and its shares are listed on the SIX Swiss Exchange.
Analysts noted that while Cembra's move is far smaller in scale than Vontobel's relocation, it nonetheless sends an unfavourable signal for the development of Zurich's attractiveness as a financial-services location. The decision could prompt political debate over measures to retain institutions in the city.
