IKEA is taking „a decisive step in financial services” by purchasing a minority stake in Ikano Bank

IKEA stores owner Ingka Group said on Thursday it had agreed to buy a 49% stake in financial services partner Ikano Bank. For Ingka Group – who operates 378 IKEA-stores and its e-commerce platform in 31 countries – „this is a decisive step into financial services”.

„Ingka Group and Ikano Bank originate from the same founder, and share a heritage, strong culture and similar values. They already have a longstanding commercial partnership, where Ikano Bank has served as IKEA Retail’s financial service provider across eight countries,” according to the press release.

Ingka Investments B.V. is to become part-owner of Ikano Bank AB (publ), which today is fully owned by Ikano S.A. Through the issue of new shares by Ikano Bank, Ingka Investments B.V. will obtain a 49% stake in the Bank, with the option to acquire the remaining shares at a later date. The transaction is subject to approvals by relevant regulatory authorities. 

For Ingka Group – who operates 378 IKEA-stores and its e-commerce platform in 31 countries – „this is a decisive step into financial services”, a core part of Ingka Group’s journey to help make IKEA more affordable, accessible and sustainable. For Ikano Bank, who is on a journey to become a fully digitalised bank for the many people, a closer partnership with Ingka Group, will enable the Bank to further accelerate its transformation and deliver accessible financial services for more of the many people.  

„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,” the company said.  
 
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.” 
 
Ingka Group will continue to work with a range of partners across all IKEA Retail countries to deliver financial services to its customers. Ikano Bank will also continue developing and working with its existing partners and other business lines delivering simple, fair and affordable services, enabling a healthy economy for the many people. 
 
The transaction has been agreed between the parties and is now subject to regulatory approvals from the Swedish Financial Supervisory Authority (Finansinspektionen) and relevant competition authorities.