ING and Openbank expand European banking services

ING is expanding its presence in the European wealth management sector by launching private banking services in Spain on October 28. To support this move, the Dutch bank has opened a new flagship office in Madrid located on Paseo de la Castellana. This expansion follows ING's recent acquisition of a 40% stake in Singular Bank, aiming to transition from a digital-savings focused model to a more comprehensive investment and advisory service.

In Germany, Santander has completed a restructuring of its consumer business by rebranding its operations as ‘Openbank by Santander’. This transition affects 3.1 million customers and 3,800 employees across 119 offices. To mark the debut, the new Openbank is offering a 4% interest rate on savings accounts for balances up to 100,000 euros for the first four months, a competitive move aimed at matching offers from international players like JPMorgan Chase.