Steven van Rijswijk, Chief Executive Officer of ING Group, told Portfolio that Hungary’s immediate priority should be to maintain a consistent, long-term economic policy and turn it into concrete investments. Van Rijswijk said investors now price countries individually, and the success of Hungary’s recent €3 billion international bond issue shows the country is moving in the right direction.
Investor sentiment and Hungary’s economic condition
Van Rijswijk noted that growth is returning to Hungary and macro indicators are improving: interest rates have fallen and the forint has strengthened. He also pointed to ambitious investment programmes in digitalisation, sustainability and infrastructure. He argued these initiatives require a predictable, long-term policy framework to give companies the confidence to invest.
Geopolitical uncertainties — for example, tensions near the Strait of Hormuz — are encouraging firms to diversify their footprints, which in turn revives interest in foreign direct investment to the region. Van Rijswijk highlighted Hungary’s strategic role for sectors such as automotive, electronics manufacturing and pharmaceuticals, which makes the country an important node in ING’s global network.
Expectations from new economic policymakers
According to van Rijswijk, Hungary’s investment priorities should align with broader European objectives: accelerate digital transformation, upgrade infrastructure, strengthen defence capabilities in coordination with NATO, and advance environmental sustainability. These transitions are interdependent, and stable, clear regulation is essential to unlock corporate investment.
Why Hungary matters to ING
Van Rijswijk emphasised that Hungary is particularly important for ING’s corporate banking business. ING serves multinational clients across 100 markets and has a local presence in 35 of them. Local operations in Hungary help support multinational clients with sector expertise, financial markets knowledge and transaction services. Hungary’s central position in regional value chains makes it strategically important, and planned energy and infrastructure investments fit ING’s leadership in green and sustainable finance.
Retail banking — could ING return?
ING’s previous retail operation in Hungary never reached a sustainable scale: at its peak it served roughly 10,000 customers. The bank’s current retail strategy focuses on markets where it already has significant scale — for example, the Netherlands, Germany, Belgium, Poland, Romania, Spain and Italy. Digitalisation and scalable technologies may make future market entry easier; ING highlighted that in some countries it operates without a single branch (Germany: 10 million customers without branches). For now, ING is prioritising expansion of its corporate banking presence in Hungary, though a retail re-entry is not ruled out over the long term.
Artificial intelligence: more than cost reduction
ING has used machine learning and robotics for years, but generative AI and agentic AI open new possibilities. Van Rijswijk said ING is working on more than 100 AI use cases. AI is being used to shorten time-to-market, speed client onboarding and verification, provide 24/7 conversational support, and improve complex decision-making.
Concrete examples include simple digital mortgages in Germany that can be approved end-to-end in 30 minutes. In the Netherlands, ING deployed agentic AI to manage so-called “unhappy flow” mortgage cases — complex applications related to divorce or separated households — reducing processing time from seven days to five. The technological transition also changes workforce composition: ING now employs more than 20,000 people in IT roles and about 30,000 in operations.
To support employees through these shifts, ING partners with organisations such as Randstad to provide transparent retraining and redeployment programmes, sometimes into entirely different sectors such as healthcare or elder care, where ageing populations increase demand for workers.
The corporate bank will also benefit from AI through automated loan draws and approvals, real-time payments and predictive cash-flow advice for corporate clients.
Shift in defence-industry financing
ING has recently clarified and become more active in financing the defence industry. Van Rijswijk recounted that questions from media and military contacts prompted a review of the bank’s practice: while official policy allowed defence financing, it was rarely used in practice. ING developed a clear sector strategy for financing conventional defence equipment, adhering strictly to international agreements and excluding controversial weapons. The bank established a specialised defence hub in France and adjusted senior-level guidance accordingly.
Reconciling ESG goals and defence financing
Van Rijswijk argued that sustainability, economic growth, defence, digitalisation and infrastructure are interconnected challenges rather than mutually exclusive choices. He stressed that the most difficult part of the green transition lies in hard-to-decarbonise sectors — for example, commercial real estate, midstream oil and gas, steel, aluminium, cement and aviation. He used steel as an example: producing steel with green hydrogen is multiple times more expensive than conventional coke-based methods, and companies cannot bear the cost alone because steel prices are set on global markets. Therefore, policymakers should create level playing fields — for instance by setting clear phase-out dates for coke-fired blast furnaces, providing transitional support, and implementing emissions trading — otherwise first movers will be competitively disadvantaged.
Van Rijswijk said system-level change driven by public-private cooperation is needed and welcomed that practical, structural conversations about the economic viability of the transition have begun.
European banking integration and regulation
To secure Europe’s economic resilience, van Rijswijk called for strong, pan-European banks capable of financing the economy. He endorsed the Draghi report’s conclusions and argued for action on three fronts: true banking market integration allowing cross-border free movement of capital and liquidity; harmonisation of prudential regulatory frameworks and cross-country capital requirements; and a cultural shift on risk-taking across Europe. He also supported the idea of a Capital Markets Union to channel private savings into productive investments, pointing to Sweden’s long-term reforms and financial education as a model.
Personal reflections and view on Hungary
Reflecting on his six years as CEO, van Rijswijk said leading a large organisation requires repeatedly communicating core messages before meaningful change takes hold. He praised the Hungarian team at ING for deep expertise, strong momentum and a can-do attitude.
Event
Portfolio’s Future of Finance 2026 conference will be held on 23 September, focusing on the future of finance.
