ING Group has agreed to acquire a non-controlling stake of approximately 40% in Singular Bank, a leading independent Spanish private bank, from private equity investor Warburg Pincus, the Dutch bank said on 6 July 2026. The transaction is intended to accelerate ING's private banking growth in Spain. ING has served retail customers in Spain for more than 25 years and has 4.6 million customers there; its wholesale banking business has operated in the country since 1982.
Warburg Pincus currently holds around 93% of Singular Bank's shares; after completion, Singular's management and a number of financial institutions and Spanish investors will also hold shares. Financial terms of the investment were not disclosed. ING said the deal is subject to customary regulatory approvals and is expected to close in the first quarter of 2027. The parties agreed to reassess the ownership structure at a later stage, with the possibility of ING increasing its stake.
PRIVATE BANKING PARTNERSHIP IN SPAIN
Singular Bank, which manages around EUR 19 billion in client invested assets, will continue as an independent entity led by chief executive Javier Marín.
ADVISERS AND CLOSING CONDITIONS
ING Corporate Finance is acting as exclusive financial adviser to ING Group on the transaction.
The transaction remains subject to customary regulatory approvals. ING said it expects the process to be completed in the first quarter of 2027, and that the transaction is expected to have a minimal impact on its CET1 ratio.
ING chief executive Steven van Rijswijk called the investment "a natural next step" in ING's strategy.