Ingka Group Completes Acquisition Of Ikano Bank

Ingka Group today announced the completion of the full acquisition of Ikano Bank AB (publ), following the required approvals from regulatory authorities. 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.

Following clearances from the Swedish Financial Supervisory Authority (Finansinspektionen), the European Commission, and other relevant authorities, Ingka Group has completed the full acquisition* of Ikano Bank. It marks the beginning of a new chapter in the partnership between the two entities that is to support IKEA customers with integrated financial services.

Ikano Bank and Ingka Group share a common heritage, both being founded by Ingvar Kamprad, which has fostered a long-standing partnership where Ikano Bank is serving 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. 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,” says Peter van der Poel, Managing Director of Ingka Investments.  

Leveraging Ikano Bank’s expertise, Ingka Group aims to offer affordable and accessible financial solutions to customers, fully aligned with the IKEA vision of creating a better everyday life for the many people. The full ownership allows Ingka Group to further develop its capabilities to deliver seamless financial services to more people, as the service will be embedded throughout the customer journey and IKEA Family membership. Additionally, this acquisition reflects a broader transformation of IKEA as omnichannel retailer, incorporating more digital tools, services, and applications to meet the ever-changing customer needs.

This also opens new opportunities for the bank to leverage IKEA’s strong brand and customer traffic even further, ultimately fostering shared growth and customer value. The priority is to optimise and enhance the existing financial services currently offered to best serve customers, in the markets where Ikano Bank operates. 

After serving as CEO since 2019 and playing a pivotal role in leading the bank in its transformation journey, Henrik Eklund will leave his assignment and Niclas Olsson, currently CFO of Ikano Bank, will assume 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 van der Poel.

Ikano Bank will remain a separate legal entity with Ingka Group representation in its governance structure, continuing to work with its existing partners and business lines. While IKEA customer finance currently represents around 30 percent 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, acting CEO of Ikano Bank.

Upon completion of the acquisition, Peter van der Poel will be appointed as a board member of Ikano Bank and Lone Fønss Schrøder will be appointed as the new chairperson. The board of directors will thereafter consist of Lone Fønss Schrøder, Peter van der Poel, Viveka Strangert, Diederick van Thiel, Heather Jackson, Mikael Palmquist and Lars Ljungälv. 

* In June 2021, Ingka Investments, the investment arm of Ingka Group, made its initial investment in Ikano Bank, becoming a 49% minority shareholder. 

Source : Ingka Group

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