IKEA to acquire consumer bank – GulfToday

IKEA to acquire consumer bank – GulfToday

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. 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. The law will support individuals who are facing existing or anticipated financial difficulties, rendering them unable to settle their debts. The report was the latest indication of the headwinds to the American economy caused by the pandemic, which has slammed major industries, undermining economic growth, while causing about 26 million people to file new claims for jobless benefits since mid-March. The Sharjah