ING Establishes Madrid as European Investment Banking Hub

ING, a prominent Dutch bank with a long-standing presence in Spain, has announced Madrid as the location for its new European investment banking headquarters. This strategic decision further solidifies the bank's dedication to the Spanish market, where it has experienced significant growth in wholesale banking, generating over 200 million euros in revenue in 2023.

While the project is still in its early stages, the bank has confirmed its commitment to Madrid and aims to have the new hub operational by the end of this year or early next year. ING currently employs 1,700 workers in Spain, with 150 dedicated to investment banking, and has initiated the hiring process for additional vice presidents, associates, and analysts for the new centre.

ING's focus on expanding its investment banking presence in Spain has been evident in recent years. The bank has achieved a 21% increase in income in this sector in 2023, reaching 208 million euros. Commissions also saw a significant rise of 65% in the same period, amounting to 50 million euros. Furthermore, ING has mobilised 5.1 billion euros in sustainable financing, representing a 28% increase.

The bank has carved a niche for itself in Spain as a key player in large financing deals, particularly in infrastructure, energy, real estate, and medium-sized companies. It has also actively sought to expand its involvement in mergers and acquisitions (M&A) and capital markets operations. This is exemplified by ING's role as a global coordinator in Europastry's upcoming IPO, alongside JP Morgan and UBS.

ING's commitment to Spain aligns with the broader trend of banks seeking European headquarters following Brexit. While other cities like Paris and Frankfurt have been popular choices, ING's decision to establish its investment banking hub in Madrid reflects the city's growing appeal as a financial centre.

The bank's expansion in Spain includes the recruitment of seasoned professionals from other institutions and the internal restructuring of the department to create new areas of expertise.