ICA Banken is a Swedish bank established in February 2002. It is owned by the retail chain ICA AB and offers financial services to Swedish customers. ICA Banken makes it easier for customers of ICA's Swedish stores to manage their finances and in the process strengthens their ties to ICA. ICA Banken estimates that around 200,000 customers use its banking services.
ICA Banken aims to offer ICA’s customers financial services designed to simplify their household economy. The idea is for the bank’s service and product offerings to be characterized by the same simplicity and reliability that distinguish ICA’s other operations. The philosophy behind ICA Banken’s operations includes healthy interest rates on its deposit accounts for salaries, clear and unambiguous terms and conditions, and low charges.
In 2003, ICA Banken won Sweden’s “Bank of the Year” award from Swedish business magazine, Privata Affärer. The bank won the award for its clear and unambiguous terms and conditions, its high interest rate on savings and its low charges. In 2004, it won yet another award from Privata Affärer, this time the “Bank Card of the Year” award. Among other things, the motivation mentioned the fact that ICA Bankkort Plus charges no fees and imposes no currency surcharges on purchases made abroad.