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Ingka Investments To Acquire Remaining Shares Of Ikano Bank

Ingka Investments IKANO Bank

Ingka Investments B.V. has reached an agreement to acquire the remaining 51% shares in Ikano Bank AB (publ) from Ikano S.A., to become the full owner of Ikano Bank AB (publ). Ingka Investments became a 49% shareholder in Ikano Bank AB (publ) in June 2021, with an option to acquire the remaining shares at a later date. This transaction remains subject to approval by relevant regulatory authorities.

Enabling financial services through a seamless omni experience is a core part of Ingka Group’s journey to make IKEA even more affordable, accessible and sustainable for its customers. Through the acquisition, Ingka Group – which operates more than 500 IKEA customer meeting points and e-commerce in 31 countries – is strengthening its capabilities in financial services.

Ingka Group and Ikano Bank originate from the same founder, Ingvar Kamprad, and share a strong culture, and similar values which are integral parts of a joint legacy. Cultivating a longstanding commercial partnership, Ikano Bank has served as one of IKEA financial service providers across eight markets*. 

Peter van der Poel, Managing Director of Ingka Investments says: “I am excited how this joint future can bring us closer to our commitment to democratise financial services, while creating even more possibilities for sustainable and affordable living choices for the many people, at home and work. By strengthening our longstanding relationship with Ikano Bank, we will provide and further develop meaningful and responsible customer financing for IKEA’s customers** through a seamless omni experience.”

Mats Håkansson, Chairperson of Ikano Bank comments: “For the past three years, we have been working hard to further strengthen the bank, creating even better possibilities to deliver simple, fair, and affordable financial solutions adapted to the needs of the many people and businesses. A new, completely digital bank with solid processes and excellent customer experience is emerging and will make us even more relevant and efficient for our customers.”

Ikano Bank will continue to work with its existing partners and business lines. Ingka Group will also continue to work with partners across all its IKEA countries to deliver financial services to its customers.  

The transaction has been agreed between the parties and completion is subject to regulatory approval from the Swedish Financial Supervisory Authority (Finansinspektionen) and other relevant authorities. The parties expect transaction completion shall occur between September-December 2024, following the regulatory approval. 

*within Ingka Group
**IKEA customers in Ingka Group

Source : Ingka Group

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27 March 2024

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