Madrid is Spain’s eminent financial centre and also distinguished as the most competitive financial centre within Southern Europe (Global Financial Centres Index 2018). Given this, the leading financial companies in Spain are drawn there. Almost 18,000, or 19%, of Spain’s financial, insurance, accounting and services firms are headquartered in Madrid.
| Financial companies in Spain and Madrid (2017) | Spain | Madrid |
| Financial services | 2,536 | 1,003 |
| Insurance, reinsurance and pension funds | 972 | 382 |
| Ancillary activities | 71,979 | 12,010 |
| TOTAL | 75,487 | 17,726 |
Source: Instituto Nacional de Estadística, Central Company Directory HYPERLINK
Sectoral concentration is even higher for big companies with 60% of the insurance and financial services companies with 50+ employees based in Madrid. As the capital city, it is the most suitable place for large, international firms offering a wide range of professional services.
| Financial companies with more than 50 employees | Spain | Madrid |
| Financial services | 173 | 97 |
| Insurance, reinsurance and pension funds | 106 | 30 |
| Ancillary activities | 116 | 75 |
| Total | 395 | 236 |
Source: Instituto Nacional de Estadística, Central Company Directory HYPERLINK
Madrid is home to the headquarters of the main Spanish banks such as Santander, BBVA, Bankinter, Bankia, as well as financial institutions. Practically all foreign banks and investment funds operating in Spain have offices in Madrid including ICBC, Bank of America, Societé Générale, Espirito Santo, BNP Paribas, Deutsche Bank, Lloyds, ING. Other institutions with their headquarters or national offices in Madrid are IADB, the European Investment Bank and IOSCO.
1 out of 3 Spanish financial and insurance professionals work in Madrid. This concentration of companies and employees is bolstered by the specific finance programmes offered by the Madrid’s top business schools including IE, ESADE and IESE.
