Ikano Bank SE has decided that the Bank converted from a Swedish European company to a Swedish public company. The transformation will occur when approval has been received by the FSA and the Companies Registration Office. This is expected to take place in October or November this year.
For Swedish European company is EUR mandatory reporting currency. The majority of the Bank's operations are conducted, however, in Sweden with Swedish kronor. The use of the euro as an accounting currency entails thus a more complicated presentation than the Swedish krona had been used. It also causes difficulties for the Bank to measure the actual performance of the business. The conversion is done to the bank to change the reporting currency to Swedish kronor.
Effects of the Conversion: - Bank name will change from Ikano Bank SE to Ikano Bank AB (publ) and the bank will get a new number. The Bank will continue to be the same entity as before.
- It's foreign branches will be renamed as a result of the Bank's name change.
- Terms and conditions will not be affected when the Bank continues to be the same entity as before.
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"Ikano Bank SE will transform into a Swedish public company: Ikano Bank AB" was written by Mary under the Banking category. It has been read 29451 times and generated 0 comments. The article was created on 29 October 2012 and updated on 29 October 2012.
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