30 August 2013

Retail finance and loyalty specialist Ikano Financial Services has become Ikano Bank UK, the UK branch of Sweden’s Ikano Bank

The move has been made in line with Ikano Bank UK’s aim to consolidate its financial entities into the Swedish Banking Structure. The Bank licence will provide a strong foundation for future growth in the UK Business, allowing it to offer new services direct to consumers as well as building its retail finance operation.

Ikano Bank UK will continue to be a UK market leader in the provision of retail finance, providing the same services as it does now to its many major UK retail clients and their end customers.

Ikano has announced that managing director Stephen Burnside has been promoted to be responsible for Ikano’s banking operations in Germany, Austria, Poland and the Netherlands as well the UK.  He has appointed Dan Joy, the former Ikano commercial director, as the UK country manager who will lead the UK branch management team.

“We have grown steadily in the UK and manage over 7 million credit and loyalty customers. We believe in creating opportunities for better living and see significant scope for further growth in Europe."  explains Stephen Burnside

Dan Joy, UK country manager at Ikano Bank UK added: “We have ambitious plans in the UK”.

“We are planning to offer products direct to consumers under the Ikano brand, starting with loan products this year, and we believe that this will be a key growth area for us in the future. Our new loan products are under development and will reflect our promise of ‘On Fair Terms’ and our values around simplicity.”

Ikano Bank UK will continue to operate from its HQ in Nottingham. The business will also continue to support its charity and community projects in the Nottingham area – in particular, its sponsorship of the Robin Hood Marathon and its partnership with Nottingham Academy, where it is supporting children with financial education and preparation for working life.

The new business structure also sees the creation of a separate company, to be known as Ikano Insight, which will continue to supply insight and loyalty services to Ikano’s considerable portfolio of high street retail clients.

“Although we will be two legal entities, we will still work as “one Ikano” and, most importantly, we will ensure that we continue to deliver and develop the same quality of credit, insight and support services to our clients”, concludes Stephen Burnside.