OREANDA-NEWS. Ikano Group (Ikano), registered in Luxembourg, and Credit Europe Bank NV (Credit Europe Bank), headquartered in the Netherlands, registered a bank in Russia. Because of its joint nature, the operation can be considered an extraordinary structure for the Russian market. The new bank named Ikano Bank LLC is expected to be fully operational by the end of 2013, subject to obtaining a relevant corporate banking license.

Ikano and Credit Europe Bank enjoy their productive and stable cooperation for almost five years through provision by Credit Europe Bank's Russian subsidiary of consumer finance services for customers of IKEA stores (installment loans and instantly issued IKEA Family Finance Cards) and MEGA shopping centers (MEGACARD - instantly issued multi-merchants (more than 150 unique brands) banking card with loyalty features) in Russia. Now, Ikano and Credit Europe Bank agreed to develop their cooperation further by providing corporate banking services for targeted clients in Russia like IKEA and Marks & Spencer through newly established jointly owned Russian bank.

Ms. Arja Taaveniku, CEO of the Ikano Group: “Ikano sees the Russian finance market as a very interesting and growing market. This joint project gives us a great opportunity to enter into the Russian banking market together with a company that has a lot of experience in the Russian financial markets. We have every confidence in Credit Europe Bank and we are looking forward to this cooperation with great enthusiasm for the future.”

Mr. Murat Basbay, CEO of Credit Europe Bank NV: “We expect that this will be a very successful strategic partnership for our business in the Russian market. We have the domestic know-how and a true partnership approach, which will allow us together with Ikano to deliver superior value and service to the customers in Russia.”

Credit Europe Bank has been active in Russia since 1997 and currently serves more than 3 million Russian retail customers through 121 branches and 13,900 points of sales. Ikano has been active in Russia since 2006. Ikano and Credit Europe Bank will continue to act independently in all their other activities.