Dutch multinational banking giant ING has agreed to acquire a stake of around 40% in Spanish wealth manager Singular Bank. The stake will be acquired from American private equity firm Warburg Pincus, which currently owns 93% of Singular Bank.
Upon deal completion, which will also face regulatory scrutiny, Singular Bank will continue to operate as an independent entity in the Spanish private banking market.
The company, which has around 19 billion euro (USD 21.6 billion) in clients’ invested assets, also offers a full range of products and services to high-net-worth individuals. Terming Singular Bank’s offering as “complementary” to its own product lineup, ING said the deal will “accelerate” the Dutch banking conglomerate’s growth in Spain’s private banking and wealth management industries.
Adding that the move fits its “Growing the difference” strategy to offer tailored services for specific client groups, ING remarked, “The two sides will pursue further commercial cooperation in ‘already identified, tangible opportunities’ tied to client and asset growth and 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,” the Dutch venture added further.
ING was in a reported bidding war with Italy’s Intesa Sanpaolo for acquiring Singular’s stakes. As per the Financial Times, Warburg Pincus was also in the race, as it sought 300 million for the Spanish company’s full holding.
ING said the transaction, scheduled to be completed by the first quarter of 2027, is expected to have a minimal impact on its CET1 ratio. Singular Bank will continue to be led by its CEO Javier Marin.
Singular, which bought UBS’ Spanish wealth management business in 2021, has around 18 billion euro under management as of Q1 2026. As per the Spanish newspaper Expansion, ING Spain will become part of a consortium of investors in which no single shareholder will hold more than 50% and which will also include Marin, a Mexican bank, and several family offices, with ING Spain holding the largest stake.
“Marin and the management team will retain part of the shareholding, alongside a number of financial institutions and Spanish investors,” ING stated further.
ING in Spain has been serving retail customers for over 25 years. Apart from offering payments, savings, investments, mortgages, and other lending products to 4.6 million customers, ING Wholesale Banking, since 1982, has also been supporting the growth of large corporates and institutions with tailored and innovative services.
“The investment in Singular Bank complements the earlier announced launch of ING’s own private banking proposition in Spain, which will offer a differentiating model combining digital scale with personal human advice,” the group noted.
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. It is an attractive opportunity for us to enhance our ability to help clients with their varied needs across different points in their lives, while further diversifying our income. We have been impressed with what Javier and his team have built over the past years, and we look forward to working together on the further growth and scaling of Singular Bank, reinforcing our commitment to the exciting Spanish market.”
Javier Marin remarked, “Since our inception, our goal has been to establish Singular Bank as a leader in private banking and asset management, recognized for excellence, innovation, and service tailored to each of our clients. Today we begin a new phase, with a group of new partners and the same ambition. With the continued support and commitment of our team and the trust of our clients, we will expand our presence and our value proposition, with the goal of accelerating our growth and positioning the bank as the leader in private banking in Spain.”