ING Expands European Private Banking Footprint with Major Spain and Italy Launch

ING is extending its European Private Banking footprint into Spain and Italy, targeting high-net-worth individuals with at least €500,000 in financial assets. This expansion signals a strategic pivot toward wealth management in Southern Europe, leveraging the group’s digital infrastructure to capture a larger share of the region’s investment market and diversify revenue streams.

What was announced

ING has launched new Private Banking propositions in Spain and Italy, moving beyond its established wealth markets in the Netherlands, Belgium, Luxembourg, and Poland. The service is specifically designed for clients with financial assets of €500,000 or more, blending the bank's digital platforms with personalised human advisory services and access to investment expertise. Both launches are tailored to local regulatory requirements and specific market needs.

In Spain, the bank is building on an existing foundation of more than 6,000 clients already within this wealth segment. The Spanish operation is supported by a dedicated team of 35 private bankers and more than 50 specialists focused on product development, customer experience, and technology. Clients in the region are offered a range of management options, including independent investing, personalised investment advice, or full discretionary portfolio management.

In Italy, the launch is integrated into ING’s broader national growth strategy. The Italian team currently includes approximately 40 private bankers. The service roadmap for the Italian market includes the progressive introduction of advanced advisory services and access to private markets, alongside wider wealth management solutions. Across its total footprint, ING now provides investment services to over five million clients, managing more than €300 billion in assets under management and brokerage. The group intends to use its international scale to share technology and investment solutions across these new territories.

"We see significant opportunities to grow Private Banking, Wealth Management and Investments across Europe. Expanding our Private Banking offering in Spain and Italy is an important step in that ambition and supports our goal to Get Europe Invested.

By combining the scale, technology and investment expertise we have built across ING with strong local teams, we can give more clients access to personalised support while allowing them to choose how and when they engage with us."

Anneka Treon, Global Head of Private Banking, Wealth Management & Investments at ING

The companies involved

ING is a global financial institution with a strong European base, offering a wide array of banking services through its primary operating company, ING Bank. Headquartered in the Netherlands, the group has established itself as a leader in digital banking innovation, often serving as a benchmark for traditional institutions transitioning to tech-led models. The firm operates across retail, commercial, and wholesale banking, maintaining a significant presence throughout the Eurozone.

The bank has historically focused on high-growth retail markets and was a pioneer in the direct banking model. With more than three decades of experience in Private Banking, the group is now leveraging its massive scale—evidenced by its €300 billion in assets under management—to compete with established wealth managers and boutique private banks in Southern Europe. This move into Spain and Italy represents a calculated effort to institutionalise its wealth management capabilities in markets where it already possesses significant brand recognition and a large retail customer base. The firm remains a major fixture in financial news, with over 50 significant reports documented by this publication.

What FF News has reported before

FF News has closely followed ING’s strategic shifts and leadership changes throughout late 2026. Recently, the publication covered how ING Spain Enters New Growth Phase with Massive Madrid Flagship Store Opening, a move that provided the physical infrastructure for this deeper push into the Spanish market. The bank has also been active in the UK, where ING Secures £67.1 Million Green Loan for PLP’s Nottingham Logistics Park.

On the personnel front, the bank has been recruiting to bolster its specialised divisions. This includes the ING Strengthens UK Financial Markets Team with Appointment of Deloitte’s Paolo Esposito and the news that ING Bolsters Global Insurance Strategy with Senior Hires Tom Duncan and Lauren Marshall. These appointments reflect a broader trend of ING recruiting top-tier talent to drive its global financial markets and insurance strategies ahead of its wealth management expansion.

What this means

This expansion places significant pressure on local incumbents in Spain and Italy, who have traditionally relied on high-touch, relationship-heavy models that are expensive to maintain. By entering with a digital-first approach backed by €300 billion in group assets, ING is challenging the cost structures of traditional private banks. The move highlights a broader industry trend where universal banks are pivoting toward capital-light, fee-generating wealth management to offset the volatility of interest-rate-dependent retail banking. However, the success of this venture hinges on whether a digital-heavy model can truly satisfy the personalised requirements of the €500,000+ segment, or if these clients will remain loyal to local boutique firms.