Ikano Bank

Ikano Bank

Company type	Private
Industry	Consumer banking, Financial services
Founded	1995
Founder	Ingvar Kamprad
Headquarters	Malmö , Sweden
Area served	Sweden, Germany, Poland, Austria, Finland, Russia, Norway, Denmark, United Kingdom
Products	Loans, savings accounts, retail financing solutions
Owner	Ingka Investments (since 2024)
Parent	IKANO (until 2024)

Ikano Bank is a financial institution specializing in consumer banking, established in 1995 by Ingvar Kamprad, the original creator of IKEA. The bank offers a range of products including loans, savings accounts, and retail financing solutions to prominent companies such as IKEA, Volkswagen, Audi, Lindex, Hemtex, Skoda, Shell, and Preem.

With its main office located in Malmö, Ikano Bank maintains branch locations in Sundbyberg, Älmhult, Asker, Glostrup, Nottingham, and Helsinki. Additionally, it operates through separate subsidiaries in countries like Germany, Poland, Austria, Finland, and Russia.

In Sweden, Ikano Bank applies several fees for its services, including:

1. Monthly Account Fees: A fee ranging between $5 and $25 may be charged if the account balance falls below the required minimum.
2. ATM Usage Fees: Withdrawals from ATMs outside the Ikano network typically incur a small charge per transaction.
3. Transfer Charges: Domestic wire transfers generally cost around $20, while international transfers can be over $35.
4. International Transaction Fees: Card payments made abroad usually attract a fee of approximately 3%.
5. Check Reordering Fees: Costs for ordering additional checks vary depending on the quantity and design selected.

History

Founded in 1995 by IKEA’s creator Ingvar Kamprad, Ikanobanken initially opened its sole branch in Älmhult, Sweden. After fifteen years, it adopted the name Ikano Bank as part of a reorganization that unified various entities within the IKANO Group.

Up until 2024, ownership of Ikano Bank was held by Kamprad’s family through IKANO, a multi-sector group with operations in insurance, retail, and real estate across several nations. In 2024, full ownership transferred to minority stakeholder Ingka Investments, signaling a strategic move to broaden its financial services portfolio.