Ingka Group announced the completion of the full acquisition of Ikano Bank AB, following the required approvals from regulatory authorities. With this acquisition, Ingka Group becomes the sole owner of Ikano Bank. As part of this transition, changes to the board of directors and management at Ikano Bank will come into effect.
Leveraging Ikano Bank’s expertise, Ingka Group aims to offer affordable and accessible financial solutions to customers, fully aligned with the IKEA vision of creating a better everyday life for the many people. The full ownership allows Ingka Group to further develop its capabilities to deliver seamless financial services to more people, as the service will be embedded throughout the customer journey and IKEA Family membership. Additionally, this acquisition reflects a broader transformation of IKEA as omnichannel retailer, incorporating more digital tools, services, and applications to meet the ever-changing customer needs.
After serving as CEO since 2019 and playing a pivotal role in leading the bank in its transformation journey, Henrik Eklund will leave his assignment and Niclas Olsson, currently CFO of Ikano Bank, will assume the role of acting CEO until a permanent successor is recruited.
Ikano Bank will remain a separate legal entity with Ingka Group representation in its governance structure, continuing to work with its existing partners and business lines. While IKEA customer finance currently represents around 30% of the bank’s business, Ikano Bank has also developed a significant portion of non-IKEA business, which it intends to support and grow alongside IKEA-related offerings. Ingka Group will also continue to collaborate with partners across its IKEA Retail markets to deliver financial services to customers, ensuring a broader and integrated approach to financial services.
Upon completion of the acquisition, Peter van der Poel will be appointed as a board member of Ikano Bank and Lone Fønss Schrøder will be appointed as the new chairperson. The board of directors will thereafter consist of Lone Fønss Schrøder, Peter van der Poel, Viveka Strangert, Diederick van Thiel, Heather Jackson, Mikael Palmquist and Lars Ljungälv.
Ingka Group is the largest IKEA retailer and represents about 90% of IKEA retail sales.
