Owner of the furniture retail store - Ikea, Ingka Group has bought 49% stake in Ikano Bank. The investment has been termed as a "decisive step into financial services" that will "help make Ikea more affordable, accessible and sustainable".
Both Ikea and Ikano Bank have originated from the same founding family and a longstanding commercial partnership, where Ikano Bank has served as Ikea’s financial service provider across eight countries.
Krister Mattsson, managing director, Ingka Investments comments, “The significant investment in Ikano Bank is 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.”
From 1994, the Ikano Bank has been operational in UK and offering easy-access and fixed-rate savings accounts direct to the public as well as store cards for a number of major retailers.
Ingka said it was acquiring the stake through the issue of new shares by Ikano Bank, with the option to acquire the remaining 51% at a later date.
Financial terms were not disclosed.
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