IKEA Makes Banking Moves With 49% Stake Acquisition in Ikano Bankby Fintechnews Baltic February 16, 2021
Ingka Group, the parent company of furniture retailer IKEA, announced that it has acquired a 49% stake in Ikano Bank with the option to acquire the remaining shares at a later date.
The transaction is subject to approvals by the Swedish Financial Supervisory Authority Finansinspektionen and relevant competition authorities.
Ingka Group, who operates 378 IKEA-stores and its e-commerce platform in 31 countries, shows a decisive step into financial services with this recent acquisition.
Ingka Group and Ikano Bank originate from the same founder and already have a longstanding commercial partnership where Ikano Bank has served as IKEA Retail’s financial service provider across eight countries.
With this part-ownership in the bank, Ingka and Ikano Bank will be able to maximise the potential of the existing relationship and provide financial services to customers, through a seamless end-toend digitised experience, offered online or in-store.
Krister Mattsson, Managing Director, Ingka Investments commented:
“This agreement brings us a step closer to fulfilling Ingka Group’s ambition to offer competitive and accessible financial services, enabling even more people to have better homes and thereby, better lives. The significant investment in Ikano Bank is also an exciting step for Ingka Investments into the banking sector.
As customers and retailers increasingly seek banking solutions with a strong digital foundation, our commitment to work even closer with Ikano Bank during its digital transformation is a great opportunity to serve new and existing customers alike.”
Henrik Eklund, CEO, Ikano Bank, said:
“We’re excited to welcome Ingka Group as a part owner of Ikano Bank. Together we will continue to develop accessible digital financial services for IKEA customers, our other valued partners, and end customers.”
Featured image credit: Ikano Ingka