Ingka Investments, a holding company that owns Sweden-based furniture retailer Ikea, has agreed to acquire a 49% stake in financial services provider Ikano Bank for an undisclosed amount.
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.
Ikea and Ikano started from the same founding family and the bank has been Ikea’s financial service provider across eight countries.
Krister Mattsson, managing director at Ingka, said: “The significant investment in Ikano Bank is an exciting step for Ingka Investments into the banking sector. As customers and retailers increasingly seek banking solutions with a strong digital foundation, our commitment to work even closer with Ikano Bank during its digital transformation is a great opportunity to serve new and existing customers alike.”
