Ikano Bank to buy Swedish consumer finance portfolio worth SEK 3.8 billion
Ikano Bank AB (publ) today entered into an agreement to acquire Nordnet Bank AB’s consumer finance portfolio. The portfolio volume as of the end of March 2024 amounted to approx. SEK 3.8 billion and the number of customers to approximately 26,000. The acquisition is expected to be closed during the second half of 2024 following regulatory approvals.
The acquisition is expected to grow Ikano Bank’s consumer loan business in Sweden considerably and is well in line with the Bank's growth strategy and ongoing change journey.
”We are well on our way of becoming a fully digital bank, with even better opportunities to offer simple financial services on fair terms that suit the needs of the many people and businesses. Acquiring Nordnet’s consumer finance portfolio is in line with our growth strategy, and we are looking forward to serving more of the many people in the Swedish market”, says Henrik Eklund, CEO of Ikano Bank.
The transformation of the Bank is centred around digital development and the phasing-out of legacy systems, making it possible to cost-effectively re-use knowledge and launch products in new markets with the customer’s needs in focus.
Ikano Bank will work together with Nordnet to secure a continued high level of service for the customers involved.
The final purchase price will be determined in connection with the completion of the acquisition. The acquisition is subject to approval from the Swedish Financial Supervisory Authority, the Swedish Competition Authority and the Inspectorate of Strategic Products and is expected to be completed within six months.
Vinge acted as legal advisor of Ikano Bank. Nordea Bank Abp, Swedish branch acted as financial advisor and Cederquist as legal advisor to Nordnet.
For more information
Katarina Erichs Emilson, Head of Communications Ikano Bank
Tel 010-330 40 00, Email communication@ikano.se
This press release contains information which Ikano Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 19.30 on 19 April 2024.
About Ikano Bank AB (publ)
Ikano Bank creates possibilities for better living by offering simple, fair, and affordable services, enabling a healthy economy for the many people and businesses. Its offer includes savings and loan products for consumers, sales support services for retailers, and leasing and factoring solutions for businesses. Ikano Bank operates in Sweden, Denmark, Finland, Norway, the UK, Poland, Germany, and Austria and is a part of the Ikano Group who owns 51 % of the Bank. Ingka Group, the largest IKEA retailer under franchise agreements with Inter IKEA Systems B.V., owns the remaining 49 % of the Bank. Ikano Bank’s head office is located in Malmö, Sweden and the company is registered in Älmhult, Sweden where the business was once founded.