{
  "id": 17886104,
  "title": "ING seeks to attract large international fortunes to Spain",
  "url": "https://urgent.news/2026/11/03/ing-busca-atraer-grandes-fortunas-internacionales-a-espana",
  "topic": "business",
  "section": "Business",
  "published": "2026-11-03T00:13:10.000Z",
  "source": {
    "name": "Expansion ES",
    "slug": "expansion-es",
    "url": "https://www.expansion.com/empresas/banca/2026/11/03/ing-busca-atraer-grandes-fortunas-internacionales-espana.html"
  },
  "original_language": "es",
  "account": "ING, the Dutch bank, is seeking to attract wealthy international clients to Spain, seeing it as the country with the greatest growth potential in wealth management. ING recently launched its specialized wealth management offering in Spain. The bank is positioning Spain as the country it expects to see the greatest growth potential in its wealth management business. Anneka Treon, head of ING's Private Banking, Wealth Management and Investments, says Spain, particularly Madrid, is increasingly becoming a preferred destination for managing wealth, setting up tax structures, and establishing retirement residence. ING is preparing its first major international client event for high net worth individuals in Madrid for the first half of next year. The company is preparing for this by first attracting the wealth currently held by its customers in other banks. ING's immediate biggest opportunity is in its current client base, which already includes thousands of users who have yet to be offered private banking services. The company will launch private banking with 6,000 clients, but Treon believes there are many more customers who have wealth but have not yet reached the bank's threshold for private banking. This is an enormous source of growth, enabling them to make a big leap. Treon strongly believes in the potential of private banking in Spain, contrasting it with the bank's performance in other countries where it operates. This is due to Spain's strong economic growth, with wealth creation from this growth and intergenerational transfer of wealth being fundamental. ING rolled out its plan to compete in private banking in Europe in 2024, aiming to diversify income through a highly profitable, low-capital intensity business. This is crucial for the bank to generate more income through commissions and not solely rely on interest rate and interest margin fluctuations. Private banking and investment management is a highly lucrative commission business where ING can grow. As clients increase and consolidate their wealth, so does the bank's commissions. ING aims to double its assets under management in Spain by 2029, having announced its plans this summer to acquire a 40% stake in Spanish bank Singular Bank. Treon views this as a strategic partnership, not merely a financial investment, explaining they have worked closely with Singular Bank's CEO and feel a deep respect for their complementary banking model. They believe Singular is ideally positioned to serve certain demands and can divert clients and collaborate with them on specific needs. ING, which also controls Van Lanschot Kempen in the Netherlands and 100% of Goldman Sachs' management in Poland, still sees room for more acquisitions in this segment. In Spain, they are launching private banking, opening offices, hiring more bankers, developing more technology solutions, and have the Singular acquisition pending. They are very active in the moment, but as the segment matures, they will see what other opportunities present themselves.",
  "summary": "The group trusts in Spain as the market with the greatest growth potential in wealth management of all those in which it is present, where it has just launched its specialized offer.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}