Ikano Bank

We create possibilities for better living by offering simple, fair and affordable services, enabling a healthy economy for the many people and businesses. We work every day to make a difference, by offering financial services on fair terms. Contributing to a better future with accessible financing that supports sustainable living for our customers. Our offer includes savings, mediated mortgages and loans for consumers; sales support services for IKEA retailers and other partners; as well as leasing and factoring solutions for businesses. Our services are mainly delivered online.

2022 at a glance

No. of co-workers: 1,372

Open accounts

Loans: 809,000
Deposit accounts: 185,000
Leasing contracts: 62,000
Private label cards: 1,650,000
Visa/Mastercard: 442,000

Our markets

Ikano Bank AB (publ) is under the supervision of the Swedish Finansinspektionen and operates in 8 markets: Sweden, Denmark, Norway, Finland, United Kingdom, Germany, Austria, and Poland.

The year in brief

  • We delivered according to our long-term plan, and continued to make extensive investments in our new banking platform, which is also reflected in the results.
  • We have a strong financial position in terms of capital and liquidity giving us opportunities for continued strategic acquisitions to strengthen and increase the pace of our transformation.
  • With a new cloud-based banking platform and new products, we are step by step increasing our relevance in the market, with smoother digital processes for both customers and co-workers, leading to higher efficiency and lower costs.
  • The first products launched in 2021 and during 2022 have continued to deliver. Our loan product with IKEA in the UK has grown to over EUR 89 million in lending. Another example is the mortgage offer through our part-ownership in the fintech and mortgage company Borgo, where we have mediated loans of over EUR 178 million and seen a positive effect on our brand awareness. It is a good example of how a transparent and fully digital product has strengthened our brand on the Swedish market.
  • Our digitisation also aims at improving customer experience, by making it easier to use our products. We are already seeing results in increased customer satisfaction and recognition. During the year, we won an award for best credit product in the UK together with IKEA, we received Fairness Award for our credit card in Germany, and in Sweden our loan reached first place the Swedish Quality Index for best private loan.
48% of our people managers are women
Increased share of green investments to 17.9%
Our co-workers
Social Days
volunteering for a good cause
Reduced use of paper by 40 tonnes.

Ikano Bank LLC

Ikano Bank LLC and Ikano Bank AB (publ) are two separate legal entities.

Ikano Bank LLC was founded in 2013 as a joint venture between Ikano S.A. (Luxembourg) and Credit Europe Bank N.V. (Netherlands). Operating in Russia, the Bank offers consumer loans to IKEA stores and MEGA shopping centre customers as well as other financial services to the many people.

Ikano Bank LLC is no longer part of Ikano Group
In February 2022, four days after the Russian invasion of Ukraine, all new lending activities in Russia were ceased. Following a strategic review of Ikano Bank LLC in Russia, it was established that the business model would not be sustainable in the long-term, and Ikano Group decided to sell all shares to CEB Russia who became 100% owner.