ING Group has moved to deepen its foothold in the Spanish private banking market by acquiring a roughly 40% stake in Singular Bank from US private equity firm Warburg Pincus.
The Dutch lender announced the transaction on Monday, marking a significant step in its strategy to expand wealth management capabilities in Southern Europe.
The deal sees ING taking over the majority of the stake previously held by Warburg Pincus, which had been a key investor in the bank founded by former Santander CEO Javier Marín.
The acquisition reinforces ING’s role as the lead investor in a consortium that also includes Italian lender Banco BPM.
This structure allows ING to gain substantial influence over Singular Bank’s operations while sharing the capital burden and strategic risks with a regional partner.
The move aligns with broader trends in European banking, where institutions are increasingly seeking to consolidate wealth management assets and cross-border capabilities.