ING estrenará su banca privada en España el 28 de octubre

ING, the Dutch group, will launch its private banking services in Spain on October 28th. The Spanish subsidiary of the company has opened its flagship office in the Plaza de Colón, Madrid. The management envisions this location as a hub for high-net-worth clients, although they clarify that services are available to all types of users.

ING will introduce its private banking segment in a market with strong competition but significant potential due to the variety of offerings available to clients. Alfonso Tolcheff, CEO of ING Spain and Portugal, announced the launch date during the inauguration of the office located at Paseo de la Castellana 2, Plaza de Colón. The bank plans to operate with a team of 35 private bankers, aiming to serve around 5,000 clients before the year ends.

ING has assembled a dedicated team led by Pablo Porres, General Director of Private Banking and Investment. The minimum capital requirement to access services for high-net-worth clients stands at 500,000 euros. ING's entry into this market follows the recent acquisition of 40% of Singular Bank. The intention is for both entities to operate independently while willing to collaborate, with ING redirecting clients they cannot serve to Singular, and vice versa.

The inauguration of the flagship office in Plaza Colón marks a significant milestone for ING's private banking venture. The 2-story building is exclusively dedicated to private banking clients and is seen as a vital tool to attract more users due to the demand for specialized guidance and face-to-face assistance. However, ING will still provide services to all types of clients in this mega office.

The first floor is dedicated to individual clients, while the second floor focuses on corporate clients. ING's private banking venture aims to work towards the same growth objectives and serve as a meeting point for clients, as stated by Pinar Abay, Global Director of Retail Banking. Abay also highlighted ING's strong position in Spain, noting the double-digit growth compared to the rest of Europe.