Following clearance from the Swedish Financial Supervisory Authority, the European Commission and other relevant authorities, IKEA owner Ingka Group has announced the completion of the full acquisition of Ikano Bank,
With this acquisition, Ingka Group becomes the sole owner of Ikano Bank, further strengthening its ability to offer "affordable and accessible" financial services to IKEA customers.
As part of this transition, changes to the board of directors and management at Ikano Bank will come into effect.
Ikano Bank and Ingka Group share a common heritage, both being founded by Ingvar Kamprad, and the former has served as one of IKEA’s financial service providers across eight markets.
“We are excited to finally complete the acquisition, which marks an important step forward in our shared journey," says Peter van der Poel, MD of Ingka Investments. "This was really our founder, Ingvar Kamprad’s dream, which we share, and by deepening the partnership, we aim to strengthen and integrate financial services that are simple and accessible, to improve the IKEA experience for customers. With Ikano Bank’s expertise, we see many opportunities to support sustainable and affordable living solutions."
The group says that this acquisition also reflects a broader transformation of IKEA as omnichannel retailer, incorporating more digital tools, services, and applications, while creating new opportunities for the bank to leverage IKEA’s brand and customer traffic even further, "ultimately fostering shared growth and customer value".
After serving as CEO since 2019, Henrik Eklund is leaving the business, with Niclas Olsson, currently CFO of Ikano Bank, assuming the role of acting CEO until a permanent successor is recruited.
“I would like to extend my deepest gratitude to Henrik for his dedication and leadership over the last years. His commitment has been instrumental in shaping the bank’s direction,” adds Peter.
Ikano Bank will remain a separate legal entity with Ingka Group. While IKEA customer finance currently represents around 30% of the bank’s business, Ikano Bank has also developed a significant portion of non-IKEA business, which it intends to support and grow alongside IKEA-related offerings.
Ingka Group will also continue to collaborate with partners across its IKEA Retail markets to deliver financial services to customers, ensuring "a broader and integrated approach to financial services".
“We’re thrilled to join Ingka Group and continue to expand the journey we’ve embarked on together over the past years. Strengthening our collaboration with the world’s largest home furnishing retailer opens up even more opportunities, enabling us to deliver simple, fair, and affordable services to more IKEA customers, our other partners and end customers,” comments Niclas Olsson.
