AMSTERDAM: ING Group announced a strategic investment in its private banking capabilities Monday, acquiring approximately 40% of Singular Bank, a leading independent Spanish wealth manager.
The transaction, which allows the Dutch banking giant to accelerate growth in private banking and wealth management in Spain, aligns with ING’s “Growing the difference” strategy to expand its product offerings and increase its relevance for specific client groups.
Strategic Expansion in Spain
Singular Bank manages about €19 billion in client assets and provides a comprehensive range of products and services to high-net-worth individuals. ING acquires the stake from Warburg Pincus, a global growth-focused private equity firm that currently holds 93% of the shares.
The investment comes as ING has served retail customers in Spain for over 25 years, currently offering payments, savings, investments, mortgages and other lending products to 4.6 million customers. ING Wholesale Banking has maintained a presence in Spain since 1982.
“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,” said ING CEO Steven van Rijswijk.
Singular Bank will continue to be led by CEO Javier Marín, who, along with management, will retain a portion of shares, as will a number of financial institutions and Spanish investors.
“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,” Marín said.
Complementary Operations
After the transaction closes, Singular Bank will continue to operate as an independent entity in the Spanish private banking market, with a product offering complementary to ING’s.
The investment complements ING’s earlier announced launch of its own private banking proposition in Spain, which will offer a differentiating model combining digital scale with personal human advice.
Both parties will work on further commercial cooperation in identified opportunities for growth in client base and assets under management, access to new business prospects, and strategic insights.
ING’s non-controlling stake in Singular Bank following completion is expected to be 40%, depending on a planned additional investment by Singular Bank management. The parties agreed on arrangements for a re-assessment of the ownership structure, with the possibility of ING increasing its stake at a future moment.
The transaction is expected to have minimal impact on ING’s CET1 ratio. Closing is expected in the first quarter of 2027, subject to customary regulatory approvals. ING Corporate Finance acted as exclusive financial advisor to ING Group on the transaction.
