ING Group has agreed to acquire a 40% non-controlling stake in Singular Bank, a leading independent Spanish private bank, from private equity investor Warburg Pincus, the Dutch bank said in early July 2026. The transaction is intended to accelerate ING's private banking growth in Spain, one of its core European retail markets, and to add a dedicated wealth-management capability to a franchise historically anchored in digital retail and corporate banking.
Warburg Pincus currently holds around 93% of Singular Bank's shares, and will remain a shareholder alongside ING following completion. 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, at which point Singular Bank's ownership structure will move from a private equity majority to a partnership between Warburg Pincus, ING and continuing management shareholders.
PRIVATE BANKING PARTNERSHIP IN SPAIN
The investment gives ING a meaningful minority position in one of Spain's most prominent standalone private banks without a change of control. By taking 40% rather than a majority stake, the Dutch group is opting for a partnership model in which Warburg Pincus and Singular's management retain the leadership of the platform while ING contributes distribution reach and international capabilities, an approach designed to preserve Singular's client-focused private banking culture.
For ING, Spain is a strategic retail market where it operates a large digital-first customer base. Adding a specialist private banking capability through Singular addresses a segment — high-net-worth and affluent clients — that the group has said it wants to serve more comprehensively as household savings shift towards investment products and away from low-yielding deposits. The investment also gives ING a stronger foothold in fee-based wealth revenues, a business line valued for its lower balance-sheet intensity.
For Warburg Pincus, the deal is a partial monetisation of a long-held platform investment while retaining exposure to Singular's continued growth. The private equity firm has backed Singular Bank since its early expansion and has supported the build-out of its adviser network and product range, and its continued presence on the shareholder register indicates a belief that further value can be created under the new ownership structure.
ADVISERS AND CLOSING CONDITIONS
ING Corporate Finance is acting as exclusive financial adviser to ING Group on the transaction. The internal mandate keeps advisory fees within the group and underlines the strategic nature of the investment for ING's Wholesale Banking arm, which has been building out its coverage of financial institution clients and cross-border M&A execution.
The transaction remains subject to customary regulatory approvals, which for a stake of this size in a Spanish credit institution typically involve the European Central Bank and the Bank of Spain assessing the acquirer of a qualifying holding. ING said it expects the process to be completed in the first quarter of 2027, at which point the 40% stake will be recognised in the group's accounts on an equity basis, with associated income flowing through the group's share of results of associates.
The Dutch group framed the investment as part of its broader strategy to grow fee income and wealth-related revenues alongside its traditional lending and payments franchises, while leaving Singular Bank to continue operating under its existing brand and management. That framing signals that ING is looking for strategic optionality in Spain's affluent-client segment rather than an immediate operational integration play.