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The bank was spun off from IKEA. AFP
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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Emaar Malls reports full-year revenue of Dhs3.508b
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.
According to the report, CBUAE noted that the UAE banking system remains strong, with sufficient capitalisation and liquidity reserves, solid financial performance and high operating efficiency.
Europe's biggest bank said it had been hit by falling interest rates disruption caused by the coronavirus and political tensions between the US and China.
The government of Sharjah, the third largest of the United Arab Emirates, started marketing US dollar-denominated 30-year Formosa bonds on Tuesday at about 4.375%, a document showed.
The law will support individuals who are facing existing or anticipated financial difficulties, rendering them unable to settle their debts.
The partnership between the two companies is arguably one of the biggest industry developments in the pandemic aftermath in Middle East and North Africa (Mena) region.
LUXHABITAT Sotheby’s International Realty has announced that it has successfully closed the single biggest residential land sale in Jumeira Bay Island for Dhs180 million ($50 million).
China’s central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July,
Dubai Financial Market (DFM) on Monday announced that it has obtained the approval of the Securities and Commodities Authority (SCA) to allow the Dubai Gold and Commodities Exchange (DGCX)