IKEA will merge with Ikano Bank, offering new financing for purchases

The result of the merger will be an offer of banking services directly in IKEA stores, writes the British daily The Guardian. IKEA will offer the services of recommended and preferential financing of the purchase through Ikano both directly in stores and in its e-shop.

“This is a significant step towards providing banking services,” said Krister Mattson, Ingka’s chief investment officer, which manages the Kamprads’ assets, about the acquisition.

It is not yet clear how closely IKEA will want to work with Ikano Bank, and the merger must be assessed by the antitrust authorities in the countries involved in the transaction. Ikano is headquartered in Luxembourg, and IKEA, although a Swedish company, has its registered office in the Netherlands. As part of the transaction, Ingka Group has secured an option to purchase the remaining 51 percent of Ikano.

The current connection is not entirely new. Ikano was a direct part of IKEA until 1988. Then the two companies became independent. The Kamprads still had an influence on Ikano for several more years, but then gradually reduced their stake in the bank in favor of other smaller investors. Today, Ikano mediates the financing of purchases to customers of a number of different companies, for example in chains with the New Look or Oasis fashion.


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