Ikano

History

2021: Ingka took 49% of shares of Ikano

In the middle of February, 2021 it became known that the Ingka company owning retail chain stores of IKEA acquired 49% of shares of the British bank Ikano specializing in crediting in sales points and credit cards under a trademark of shop. Will be able to redeem the remained 51% of IKEA later when acquisition is approved by regulating authorities of Sweden. Thanks to purchase Ikea will be able to follow the example of other large retail sellers who use strategy "buy now, pay later".

Ikano Group, the owner of Ikano bank, separated from Ingka in 1988. With Ikano bank at the company the old partner and commercial relations: the bank is financial services provider of IKEA Retail in eight countries. Upon completion of the transaction representatives of Ingka Group will join the board of Ikano bank. For IKEA parent company it is a decisive step on the way to providing new financial services, and the company went to it to make IKEA "more available, convenient and steady".

Ingka took 49% of bank shares of Ikano

Finance solutions of Ikano, including non-interest loans, interest-bearing loans and financing according to the scheme "Purchase Now, Pay Later" (BNPL), will help Ikea to achieve the goal on implementation of consumer banking services in shops and online. The transaction considers a set of options of financing of IKEA with potential implementation more innovative solutions, such as built-in crediting.

Thus, Ikea can join ranks of tens of retail networks which integrated with financial services providers to offer new options of payment, including Walmart, Macy's and Neiman Marcus. In turn, partnership with wholesale retail merchants provides to small banks access to the much bigger customer base, than usually. The small bank considerably would increase brand recognition, having established partnership with better known business which sells expensive products which are necessary to clients.^[1]

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