Sale of Ikano Bank LLC to CEB Russia is finalised

Updated as per 2 March 2023.  
On 1 March 2023, we finalised the sale of Ikano Bank LLC to CEB Russia who thereby becomes 100% owner of Ikano Bank LLC.  

Ikano S.A.’s 50% shareholding in Ikano Bank LLC is now sold to our joint venture partner Credit Europe Bank Russia Ltd., and Ikano Group will have no operations in Russia going forward.

On 26 January 2023, the sale of Ikano Bank LLC to CEB Russia was approved by the Russian government and after completion of the transaction, CEB Russia will continue to cooperate with business partners to provide services to the clients of the Bank.

Since 2009, Ikano S.A. (Luxembourg) and Credit Europe Bank N.V. (Netherlands) have cooperated to provide financial services in IKEA stores and MEGA shopping centres. Ikano Bank LLC was founded in 2013 as a joint venture between Ikano S.A. and Credit Europe Bank N.V..

In 2021, a strategic review was initiated to evaluate the long-term sustainability of Ikano Bank LLC, and the war in Ukraine led to a cease of all new lending activities in Russia. Ingka Group also decided to suspend the IKEA operations in Russia.

The sale doesn’t impact the Ikano Bank AB branches

Ikano Bank LLC and Ikano Bank AB are two separate legal entities, and this decision does not impact our Ikano Bank AB branches in Sweden, Denmark, Norway, Finland, Germany, Poland, Austria or UK.

“We would like to thank the co-workers of Ikano Bank LLC in Russia who stayed on to support throughout the selling process and who have contributed significantly to making the sale happen. I would also like to thank our partner and colleagues in Credit Europe Bank Russia Ltd. for our long cooperation and achievements in Russia.”

Mats Håkansson Vice President of Ikano Group