Ikea makes decisive move into retail consumer finance

Ingka Group is planning to make Ikea more affordable, accessible and sustainable, through offering more consumer banking services in-store and online.

The two companies already have close links with both Ingka Gorup and Ikano bank originating from the same founder. Ikano Bank has also already served as Ikea’s retail financial service provider across eight countries. Ingka will have the option to acquire the remaining shares in Ikano Bank at a later date.

The transaction has been agreed between parties and is now pending regulatory approvals.

Krister Mattsson, managing director of Ingka Investments, said: “This agreement brings us a step closer to fulfilling Ingka Group’s ambition to offer competitive and accessible financial services, enabling even more people to have better homes and thereby, better lives.”

Henrik Eklund, chief executive of Ikano Bank, said: “We’re excited to welcome Ingka Group as a part owner of Ikano Bank. Together we will continue to develop accessible digital financial services for IKEA customers, our other valued partners, and end customers.”