IKEA to acquire consumer bank

Gulf Today Report 

IKEA to purchase 49% stake in financial services partner Ikano Bank as part of its plan to offer other services.

The bank is owned by Ikano Group, it was spun off from IKEA in 1988 to the sons of the founder.

It provides financial services to IKEA shoppers in eight markets, as well as other consumer banking services. 

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According to a statement by Ingka Group, "this is a decisive step into financial services, a core part of Ingka Group’s journey to help make IKEA more affordable, accessible and sustainable."

IKEA, which operates through a franchise system with Ingka Group, the main franchisee to brand owner Inter IKEA, is controlled by independent foundations.