ING Group has acquired a roughly 40% stake in Singular Bank, the Spanish private bank founded by former Santander CEO Javier Marín, from US private equity firm Warburg Pincus.
The Dutch lender announced the transaction on Monday, marking a significant expansion of its wealth management operations in the Iberian Peninsula.
The deal positions ING as the lead investor in a new consortium that now controls the majority of the lender.
Warburg Pincus, which previously held the stake, is exiting its position as ING moves to integrate Singular Bank into its broader European strategy.
The acquisition underscores ING’s commitment to growing its private banking segment, which has been a key growth driver for the group amid competitive pressures in traditional retail banking.
Singular Bank, established in 2018, has rapidly grown its client base and assets under management, leveraging Marín’s extensive network and reputation in Spanish finance.