Ingka Investments completes acquisition of Ikano Bank

It is expected to strengthen IKEA's financial services portfolio.

Ingka Investments B.V. has acquired the remaining 51% shares in Ikano Bank AB (publ) from Ikano S.A., solidifying its ownership of Ikano Bank AB (publ).

Ingka Investments initially obtained a 49% stake in Ikano Bank AB (publ) in June 2021, with an option for further acquisition, pending regulatory approval.

The move is expected to strengthen IKEA's financial services portfolio and underscore its commitment to enhancing accessibility, affordability, and sustainability for customers worldwide.

“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,” said Peter van der Poel, managing Director of Ingka Investments.

Similarly, Mats Håkansson, chairperson of Ikano Bank, highlighted ongoing efforts to enhance offerings, ensuring simplicity, fairness, and affordability. “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,” he said.

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Despite the change in ownership, Ikano Bank will maintain existing partnerships and business lines, ensuring uninterrupted service delivery. Ingka Group also reaffirmed its commitment to partnering with IKEA markets globally to provide financial services to customers.

The completion of the transaction is subject to regulatory approval from the Swedish Financial Supervisory Authority (Finansinspektionen) and other relevant authorities, anticipated between September and December 2024.