Ikano Bank, controlled by the Kamprad family who founded Ikea, has been reported to the police by the Consumer Ombudsman in Denmark.
According to the complainant, Ikano Bank has misled customers with its marketing.
The Consumer Ombudsman states that in 2023, Ikano informed customers that they could withdraw money from their Ikea credit cards. However, the bank did not disclose that the withdrawals actually involved borrowing money and that there were costs associated with the loans.
Ikano says in a comment that it is cooperating with the authorities and takes the incident very seriously.
"As a responsible lender, we always strive to be open and transparent about our terms and we put a lot of effort into assessing our customers' ability to repay their loans," writes Janne Rutzou, Ikano's branch manager in Denmark, in an email to Bloomberg.
