Ikano Bank cards join IKEA chain in ceasing to operate in Russia

MOSCOW. Oct 24 (Interfax) - The Ikano bank set up by the Swedish group IKEA in partnership with the Dutch-registered Credit Europe Bank has announced a termination of its card operations in Russia, the credit institution's website said.

The bank's clients must pay off their debts by November 15, 2022, or have them refinanced by Credit Europe Bank (Russia). The contractual rights of claim will be transferred to the new lender by December 15, and cards will stop working on December 26.

The Ikano Bank ranks No. 208 according to the Interfax-100. In June, the Kommersant newspaper reported that IKEA, which was among the earliest companies to leave Russia after it launched the special military operation in Ukraine, had decided to withdraw from the banking business by selling its share to Credit Europe Bank (Russia). Neither party has disclosed details of the deal.

The Ikano Bank was created in 2013 to develop consumer lending at IKEA stores and MEGA shopping malls across Russia and to provide financial services to these companies and their partners.