Ingka Investments B.V. is set to become the sole owner of Ikano Bank AB (publ), following the acquisition of the remaining 51% shares from Ikano S.A. This move, pending regulatory approval, marks a significant step for Ingka Investments, which had previously acquired a 49% stake in the bank in June 2021.
The acquisition aligns with Ingka Group's ambition to provide IKEA customers with a comprehensive omni-channel experience, making IKEA products more affordable, accessible, and sustainable. Ingka Group, operating over 500 IKEA outlets in 31 countries, will thereby bolster its financial service capabilities through this strategic move.
Sharing a common heritage with Ingka Group, Ikano Bank, founded by Ingvar Kamprad, embodies a similar cultural and value-based legacy. This acquisition not only strengthens their longstanding commercial partnership but also underscores a mutual commitment to affordable and sustainable living.
Peter van der Poel, Managing Director at Ingka Investments, expressed enthusiasm about the merger's potential to democratize financial services and promote sustainable living choices. Mats Håkansson, Ikano Bank's Chairperson, highlighted the bank's transformation into a digital-first institution, aiming to provide simple and affordable financial solutions.
Despite the change in ownership, Ikano Bank will maintain its existing partnerships and business lines, and Ingka Group will continue collaborating with various partners to offer financial services in all IKEA markets.
The deal, subject to approval from the Swedish Financial Supervisory Authority among others, is anticipated to finalize between September and December 2024, setting a new course for IKEA's financial services landscape.
