ING seals deal to acquire about 40% of Singular Bank
ING has agreed to acquire a stake of around 40% in Spanish wealth manager Singular Bank.
The Dutch bank is buying the stake from private equity firm Warburg Pincus, which currently owns 93% of Singular Bank.
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Financial terms were not disclosed.
Upon deal completion, Singular Bank will continue to operate as an independent entity in the Spanish private banking market.
The company has around €19bn ($21.6bn) in clients’ invested assets and offers a full range of products and services to high-net-worth individuals.
ING views Singular Bank’s offering as “complementary” to its own and said the deal will its “accelerate” growth in private banking and wealth management in Spain.
It added the move fits its ‘Growing the difference’ strategy to offer tailored services for specific client groups.
The two sides will pursue further commercial cooperation in “already identified, tangible opportunities” tied to client and asset growth, strategic insights, as well as access to new business prospects.
The companies have also agreed to re-evaluate the ownership structure in the future, with a possibility for ING to lift its stake.
Sources told Reuters in May that Italy’s Intesa Sanpaolo was also among those interested in Singular. That confirmed an earlier Financial Times report that said Warburg was seeking €300m for its full holding.
ING said the transaction is expected to have a minimal impact on its CET1 ratio.
Completion of the deal is expected in the first quarter of 2027, contingent on regulatory clearance.
Singular Bank will continue to be led by Javier Marín.
Marín and the management team will retain part of the shareholding, alongside a number of financial institutions and Spanish investors.
ING has a 25-year retail footprint in Spain, supporting 4.6 million customers with payments, savings, mortgages, and investments. Its wholesale banking arm has operated there since 1982.
ING CEO Steven van Rijswijk said: “The investment in Singular Bank is a natural next step in our strategy aimed at becoming the best European bank by accelerating growth, increasing impact and delivering value.”
