ING is acquiring approximately 40% of Spanish wealth manager Singular Bank, which holds around €19 billion of clients’ invested assets and serves high-net-worth individuals.
ING buys the stake from Warburg Pincus, which currently holds 93% of the shares. Javier Marín will continue to lead Singular Bank and, together with management, will also hold part of the shares, alongside a number of financial institutions and Spanish investors.
ING has served retail customers in Spain for over 25 years and now has 4.6 million customers there. Its wholesale banking arm has been present since 1982. The investment complements the earlier announced launch of ING’s own private banking proposition in Spain.
Singular Bank will continue to operate independently, with a product offering complementary to ING’s, aimed at clients needing more sophisticated products, financing alternatives, and other value-added services. Both parties will pursue further commercial cooperation in client growth, assets under management, and new business prospects.
“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. “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 Marín, CEO of Singular Bank, said: “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.”
ING’s final stake depends on a planned additional investment by Singular Bank management, with arrangements agreed for a future re-assessment of ownership, including the possibility of ING increasing its stake. The transaction is expected to have minimal impact on ING’s CET1 ratio. Closing is expected in Q1 2027, subject to regulatory approvals. ING Corporate Finance acted as exclusive financial advisor.