Sweden. Ikano Bank AB
| Date of agreement: | 05 Dec 2019 |
|---|---|
| Country: | Sweden |
| Customer: | Ikano Bank AB |
| Amount in EUR: | EUR 50 million |
| Maturity: | 5 years |
| NACE sector / loan type: | Loan programme |
Project
The loan has been provided to Ikano Bank AB for on-lending to small and medium-sized enterprises (SMEs), smaller mid-caps (SMCs) and environmental projects in Sweden, Finland, Denmark and Norway. The programme is expected to finance the acquisition of capital equipment in a wide variety of sectors, including work related vehicles (other than cars), IT, manufacturing and production.
This is the second loan facility signed between Ikano Bank and NIB; the first was agreed in 2015.
Ikano Bank AB started operations in 1995 and offers leasing services in the Nordic countries, as well as a number of other European countries. Ikano Bank mainly reaches its customers through strategic partnership with manufacturers, stores and similar entities.
Fulfilment of NIB's mandate
Leasing finance provides opportunities for SMEs and small mid-caps to acquire costly equipment. The loan facility is expected to alleviate credit constraints and facilitate productivity growth. Access to finance in the SME sector is of greater concern than for large enterprises, mainly because SMEs and small mid-caps are dependent on bank financing. Improved access to financing for projects that raise productivity can increase competitive pressure and efficiency in the markets.
Sustainability summary
Projects that are financed through a financial intermediary are required to fulfil the requirements defined in NIB’s Sustainability Policy and Guidelines.
