EDITORIAL

Dear shareholders,

The Aduno Group’s ambition is to be the leader in the Swiss credit card business. In recent months we have achieved some important milestones on the way. The acquisition in October 2018 of Accarda, a specialist in customer cards and rewards programmes, gave a significant boost to growth in the first half of 2019. Overall, the number of cards and transaction volumes at the Aduno Group climbed to record levels; turnover was up almost 20 per cent and the number of cards exceeded 1.6 million for the first time.

Another key step was the agreement signed on 30 June 2019 to sell cashgate AG to Cembra Money Bank AG. This development is in line with the Aduno Group’s long-term strategy to expand the cards business and focus on services in this area.

At product level, too, the Aduno Group has underlined its pioneering role on the Swiss market. We were the first provider in Switzerland to launch new-generation debit cards with Debit Mastercard and Mastercard Flex. These modern payment cards encompass the best of both worlds, combining the familiar advantages of bank debit cards with the modern functions of a credit card such as online shopping, global acceptance at 43 million points of sale, security and a full overview of expenditure. We are now once again at the cutting edge of technology, enabling mobile payments also with a debit card through the introduction of Samsung Pay. Since June, our customers have been able to make swift and secure contactless payments with their smartphone or smartwatch in Switzerland and abroad using this functionality. For the Aduno Group, supporting Samsung Pay is the logical consequence of our digitisation strategy, which is geared to customer needs. Further partnerships with providers of innovative payment solutions will follow.

On 1 August 2019, Christian Lazar assumed the post of CFO of the Aduno Group. He joins us from MAN Energy Solutions Schweiz AG, where he was most recently Vice President and CFO. Christian Lazar succeeds Conrad Auerbach, who has decided to leave the company after 14 years. The Board of Directors would like to thank Conrad Auerbach for his considerable services to the Aduno Group and wish him every success for the future.

The Aduno Group looks towards the second half of 2019 with confidence. We continue to expect positive consumer sentiment and a low interest rate environment. The reduction of the European interchange rate effective October 2019 will have no significant impact in the current year.

In the first half of 2019, our employees once again demonstrated tremendous commitment to the Aduno Group. On behalf of the Board of Directors and the management, we would like to thank them for all their hard work. We would also like to thank our customers for their trust and our customer banks for their support. We continue to count on them.

Pascal Niquille
Chairman of the Board of Directors

Max Schönholzer
Chief Executive Officer

Pascal Niquille 
Chairman of the Board of Directors

Max Schönholzer
Chief Executive Officer