Fiba, Ikea join forces for bank in Russia

ISTANBUL - Hürriyet Daily News

Fiba Holding’s Chairman Hüsnü Özyeğin has joined forces with Swedish furniture giant Ikea to open a new bank in Russia, which will open in 2013.

Hüsnü Özyeğin, director of the executive board at Fiba Holding, is gearing up to open a bank in Russia together with Swedish furniture giant IKEA, according to daily Zaman.

Fiba Holding’s Credit Europe bank has signed a 50-50 partnership agreement with IKEA to form a new bank, which is expected to become operational in 2013, according to sources.

The bank is initially expected to cater to IKEA customers. IKANO Bank currently provides banking services to IKEA customers in Germany, Austria, Poland and the Scandinavian countries. The new investment in Russia was organized by IKANO Bank, which has been active in Luxembourg since 2006, and will service IKANO Bank’s corporate customers as well, according to a statement released by Credit Europe. The bank will provide corporate services from one branch in Moscow, and its activities are gradually expected to increase.

IKANO Group’s Russia Representative Birger Lund said that the Russian market was very attractive for IKANO, and that the partnership with Credit Europe will provide the company with important advantages in entering the Russian market. “Credit Europe has a lot of experience in the Russian market. We believe that our partnership will be very fruitful,” Lund said in an interview with daily Zaman.

Credit Europe’s General Manager Murat Başbay confirmed the strategic partnership with IKANO Bank to daily Zaman. Credit Europe’s Russia General Manager Haluk Aydınoğlu, meanwhile, said initially there will be an information- and expertise-sharing structure, but in time the new bank will be able to stand on its own two feet. He explained that Credit Europe Bank has learned to operate in the Russian market in the context of Russian culture. “We believe in the future of Russia and that is why we are continuing with our investments. Russia exited the economic crisis in a stronger position,” Aydınoğlu said.