MOSCOW, January 26. /TASS/. Russian President Vladimir Putin issued a special permit for Credit Europe Bank allowing it to acquire a 100% stake in the authorized capital of Ikano Bank. The relevant order was published on Thursday on the official portal of legal information.

"To allow the Joint Stock Company Credit Europe Bank (Russia) to conclude a transaction to acquire 100% of the shares in the authorized capital of the limited liability company Ikano Bank owned by CIRUS Holding B.V.," the document says.

In October 2022, Ikano Bank, associated with the Swedish group IKEA, announced that its cards would stop working in Russia before the end of the year.

The bank began to reduce its presence in the country following IKEA's decision to put the retail business on pause and sell its factories in Russia.

In the summer of 2022, the Kommersant newspaper reported citing sources close to Credit Europe Bank, that IKEA plans to sell the Ikano Bank to Credit Europe Bank (Russia).

Ikano Bank was established to develop retail projects, mainly consumer lending in IKEA stores and Mega shopping malls in Russia. The bank was founded on a parity basis by the Ikano group (Luxembourg) and Credit Europe Bank N.V. (Netherlands).