ING joins the battle for large fortunes and launches its private banking service in Spain with 6,000 clients

ING has officially launched its private banking segment in Spain, targeting high-net-worth individuals with an initial client base of 6,000. These clients have been with ING for an average of 19 years and have investments starting from 500,000 euros. The bank aims to expand its team from 35 to over 40 professionals by year-end and has identified an additional 40,000 potential clients. The offering includes a mobile financial planning tool and expert advisory services, alongside a range of investment products including private equity and infrastructure funds. This initiative follows ING's acquisition of a 40% stake in Singular Bank to enhance its private banking capabilities. The bank plans to expand its private banking services across its 29 offices in Spain and globally, with future launches in Italy.