Instituto de Crédito Oficial

Instituto de Crédito Oficial (ICO) is a Spanish state-owned bank based in Madrid, Spain, operating as a specialized credit institution that provides loans and financing while also functioning as the State Financial Agency managing public financial programs. Fully owned by the Spanish state, ICO primarily offers financing to businesses and supports economic recovery initiatives, serving as a key state lending agent for Spanish enterprises through public loan lines. The ICO Group, which includes Axis, a venture capital firm, and Fundación ICO, reported EUR 84 billion in assets as of the end of 2014. Manuel Illueca Muñoz was appointed Chairman and CEO in August 2024, having previously served as Director General of Risks and Financial Control, where he contributed to Recovery Plan loan lines and the 2025-2028 budget. The institution signed the Equator Principles in September 2016. ICO was founded in 1971.