Finance Breaking news Build your own bank: Ikea acquires 49% stake in Ikano Bank last financial news
Breaking-Finance.Com - Furniture retailer Ikea is to acquire a 49% stake in Ikano Bank with the aim of offering a full suite of banking services instore and online.
Breaking-Finance.Com - Furniture retailer Ikea is to acquire a 49% stake in Ikano Bank with the aim of offering a full suite of banking services instore and online. The acqusition, by the retailer's parent company Ingka Investments, is described as a "decisive step into financial services" that will "help make Ikea more affordable, accessible and sustainable".Ikea and Ikano bank have a shared history - originating from the same founding family - and a longstanding commercial partnership, where Ikano Bank has served as Ikea’s financial service provider across eight countries. Krister Mattsson, managing director, Ingka Investments comments: “The significant investment in Ikano Bank is an exciting step for Ingka Investments into the banking sector.
.” Ikano Bank has been operating in the UK since 1994, offering easy-access and fixed-rate savings accounts direct to the public as well as store cards for a number of major retailers.Ingka said it was acquiring the stake through the issue of new shares by Ikano Bank, with the option to acquire the remaining 51% at a later date.Financial terms were not disclosed.
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