We interviewed Alfonso Tolcheff, ING’s CEO for Spain and Portugal.
Spain has become a priority market for the bank. Within this context, the Madrid region plays a pivotal role. In 2025, ING inaugurated a technology hub in the city—its sixth worldwide—serving as a center for developing solutions that are deployed across its global operations.
In this interview, ING’s CEO in Spain and Portugal, Alfonso Tolcheff, discusses the significance of this milestone and outlines the factors that position Madrid as a compelling investment destination. “Madrid has always been an attractive option,” he notes. “If anything, its appeal to investors has strengthened over time.”
ING is one of the most innovative European financial institutions, with a strong digital footprint in the Spanish market. For those less familiar with its journey, how would you describe ING’s positioning in Spain and the role the country plays within the Group’s strategy?
A.T.: We entered Spain with a simple, close and transparent model, with no conditions or fees. Twentyseven years later, we are experiencing the strongest growth since our arrival in Spain: we have surpassed 4.6 million customers and have maintained our leadership, for 19 consecutive years, as the most recommended bank in the country. In this context, Madrid is a strategic hub for ING, where we serve more than 1.4 million customers.
Spain has consolidated itself as one of ING Group’s priority markets, not only because of its contribution in terms of volume and profitability, but also due to its strong capacity to attract highly engaged customers. In addition, Spain plays a key role in ING Group’s ambition to become the leading European bank.
Spain has been a key market for ING for many years. What sets Spain apart from other European markets, and what factors have driven ING’s success here?
A.T.: The Spanish banking context differs from that of other European markets. Spain is growing above the eurozone average, and one out of every four euros of economic growth in Spain is generated in Madrid. This results in different banking models, also shaped by cultural differences in how personal finances are managed.
While the Spanish market is less competitive in terms of savings remuneration—where we are leaders, staying true to our promise to remunerate savings from the very first euro—it is much more competitive in the mortgage space.
ING’s success in Spain is based on its ability to offer a balanced value proposition across savings, financing and, increasingly, investment solutions. ING Spain was born as the savings bank, and our ambition is to become the reference bank for investment as well.
We see this step as a necessary evolution—not only for ING customers, but for society as a whole. Europeans are generally less inclined to invest, which has led to a wealth gap in household assets compared to other markets, such as the United States. We want to support this transition through accessible products, education and tools; this is why we closed 2025 with €23 billion investment in products.
You have announced your intention to launch two new segments that you do not currently cover in Spain: Private Banking and Business Banking. What does this mean for your institution, and what will your value proposition be?
A.T.: We want to be the bank for everything and for everyone. The strength of our business puts us in a position to complete our offering, better accompany our customers, and respond to all of their financial needs. In both segments, we start from a solid foundation: technology, scale, deep customer knowledge and a strong efficiency culture, which enables us to enter these markets with a truly differentiated proposition.
In Private Banking, our goal is to offer an alternative to the traditional market model. We are committed to a highly digital, cost-efficient approach that allows us to support not only well-established high-net-worth individuals, but also customers with strong growth potential.
In Business Banking, we aim to bring to the corporate segment the elements that have made us strong in retail banking: simplicity, agility, digital solutions and a relationship built on transparency and ease of use.
In 2025, the bank announced the opening of a new technology hub in Madrid. Why did you choose Madrid for this new centre?
A.T.: The Madrid hub was created to develop scalable solutions that can be reused across different geographies within the Group. This decision further consolidates Madrid as a strategic location for ING and Spain as one of the Group’s priority markets. In addition, Madrid offers a strong and diverse pool of technological talent, particularly in areas that are critical for ING, such as cybersecurity, software engineering and data analytics. It also provides a dynamic innovation ecosystem, with a real capacity to attract international investment and develop large-scale technological projects.
Our growth in Spain, our solid market position, and a favourable institutional and labour environment allow us to integrate the hub efficiently and turn it into a key pillar of ING Group’s global network of technology hubs, serving the entire organisation.
In relation to this, does Madrid offer — or is it able to attract — the talent needed to sustain this technological growth?
A.T.: Yes, Madrid is capable of attracting the necessary talent—and, more importantly, of developing and retaining it. At ING Spain, we already see this reality internally: nearly one third of our workforce consists of STEM profiles, which reflects both local availability and our ability to compete for this talent.
What truly differentiates Madrid is that we do not rely solely on the market; we also help create the right conditions to attract and develop talent. To this end, we have signed a collaboration framework with the Madrid Region focused on the development and attraction of digital talent, with the aim of aligning training programmes with the needs of the financial and technology sectors and facilitating the integration of profiles in areas that are critical for us. In other words, Madrid does not just provide talent; together with Madrid, we want to help expand it.
There is a solid base of highly qualified professionals in key areas for ING, along with a strong ability to attract international talent thanks to a competitive and diverse professional environment. Added to this is an increasingly mature technology ecosystem, which fosters collaboration, continuous learning and the development of high-value tech careers. All of this gives us confidence that Madrid can sustainably support the ambition and scale of the Group’s technology hub.
Since the opening of your first centre, the Madrid Region has evolved a great deal and today competes globally with other international hubs. From your point of view, what has this evolution been like?
A.T.: Since ING’s arrival in Spain, we have maintained a close and long-standing relationship with the Community of Madrid, accompanying its development and actively contributing to the region’s economic and social progress. There is no doubt that the Madrid Region has consolidated its position as a global hub for talent and investment attraction and as a European
benchmark for opportunity creation.
Is this reflected in the ability to attract new international investment?
A.T.: Through our wholesale banking division, we work with large companies on some of the most significant investments in the country, and we observe clear dynamism and positive momentum in this area. There is traction, there is public-private collaboration, and there is a forward-looking agenda.
On our side, we are investing and creating qualified employment. We currently have more than 1,800 professionals, around 1,500 of whom are based in the Community of Madrid. And we know we are not alone in this: an increasing number of investors are choosing Madrid as the hub for their operations.
As mentioned earlier, the agreement we have signed with the Madrid Region to foster STEM talent and promote initiatives focused on banking fraud prevention clearly demonstrates our commitment and our intention to continue growing in Madrid, working alongside institutions on the major challenges we face.
Is Madrid still a good option for investment because of the availability of talent, labour flexibility and infrastructure? Or are there new factors to take into account?
A.T.: Madrid has never ceased to be an attractive option; on the contrary, its appeal to investors has strengthened
over time. Talent, diversity, infrastructure, connectivity, flexibility and quality of life continue to be clear
advantages.
Are there new factors? Yes. Cybersecurity, the ability to scale technology and collaboration with the broader ecosystem now carry more weight than ever. In this regard, Madrid is making rapid progress, with initiatives such as the Advisory Council for Digital Transformation—of which we are members—or the Cybersecurity Committee, in which we also participate.
This is precisely why Madrid is a key engine for ING Group: it concentrates a significant portion of our activity and now adds a global technological dimension through the hub.
ING will open a major flagship location in Plaza de Colón. Could you explain what this milestone means for the bank and what stage it is at?
A.T.: That’s correct. We are currently working to open, in the coming months, our new branch in the heart of Madrid, where we will offer customers a unique experience in managing their day-to-day finances. The space will cover more than 1,800 square metres across three floors, with a terrace and modular, versatile areas equipped with the latest technology in financial services and customer experience.
The branch is still under construction and will become ING’s flagship office in Spain. It will be designed to provide personalised service across our full customer spectrum: retail banking, corporate and investment banking, and clients in the new private banking segment.
Finally, if you had to send a message to other international companies that are considering investing in or expanding into Madrid, what arguments would you highlight?
A.T.: From ING’s perspective, Madrid stands out for the opportunities it offers and for its ability to generate sustained value over the medium and long term. In times of uncertainty like the current ones, this is increasingly rare and something that should be highly valued when deciding where to establish operations.
The collective effort of the Madrid ecosystem—both public and private—fosters collaboration, innovation and the development of high-impact projects, which is undoubtedly positive for everyone.