Business · Companies · 1 hr ago
ING prepares private banking launch and business services in Spain
ING, the Dutch bank, is expanding its business in Spain under country chief Alfonso Tolcheff.
It has almost five million customers in Spain and says its balance sheet exceeds 56 billion euros.
The bank plans to launch private banking at the end of October, using a team of 35 bankers, and aims to have 40 by year-end.
ING says more than 5,000 of its customers have at least 500,000 euros, while more than 40,000 have at least 250,000 euros in ING accounts.
It has also agreed to buy a 40% stake in Singular Bank, which serves a higher wealth segment, subject to regulatory approval expected at the end of 2026 or early 2027.
ING says the two offerings can grow alongside each other, and it is not considering increasing its stake in the short or medium term.
The bank also plans to start its first business banking services in early 2027.
ING plans to launch private banking in Spain at the end of October 2026 and begin its first business banking services in early 2027.
The bank says it has nearly five million customers in Spain and a balance sheet of more than €56 billion.
ING has 35 private bankers and aims to have 40 by the end of 2026.
The bank acquired a 40% stake in Singular Bank and is awaiting regulatory approval for the deal.
ING has opened its first Spanish flagship office, a 1,820-square-metre site in Madrid.
- Who
- ING Spain, led by chief executive for Spain and Portugal Alfonso Tolcheff.
- What
- ING is preparing to launch private banking and business banking services in Spain.
- When
- Private banking is due to launch at the end of October 2026; initial business banking services are planned for early 2027.
- Where
- Spain, including the new flagship office in Madrid.
- Why
- ING says it wants to expand its business in Spain and move from savings banking towards investment banking.
This story does not have two clearly opposing sides.
ING entered Spain, seeking customers looking for a digital alternative to traditional banking.
Alfonso Tolcheff took charge of ING's Spanish subsidiary.
ING opened its first flagship office in Spain, a 1,820-square-metre site in Madrid.
ING plans to launch its private banking service.
ING plans to begin its first business banking services.
- Spanish customers
- Nearly 5 million
- Balance sheet
- More than €56 billion
- Private bankers
- 35; ING aims for 40 by the end of 2026
- Private banking clients
- More than 5,000 with at least €500,000
- Stake in Singular Bank
- 40%
- Flagship office
- 1,820 square metres in Madrid
What people are saying
The flagship is a declaration of intent.
For ING, transitioning from a savings bank to an investment bank is a very natural evolution.
We have more than 5,000 clients with at least €500,000.
The two offerings are complementary.
Sources
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