Intesa Sanpaolo is considering an offer for Spanish wealth manager Singular, reported the Financial Times.
The Italian lender has started due diligence on Singular and is working towards a formal bid within a competitive sale process.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The step comes as Intesa looks to strengthen its wealth management operations and build a larger position in Spain.
Singular, controlled by US private equity group Warburg Pincus, is seeking €300m ($348.4m) for the business. One person said Intesa’s expected proposal would come in below that level.
Intesa, Italy’s largest bank by assets, has a market value of about €97bn and earlier this year set out plans to grow its wealth management activities across Europe.
That strategy is being led by chief executive Carlo Messina.
The bank has previously said it aims to recruit more than 2,300 wealth advisers by 2029.
Although Intesa has had a small corporate and investment banking presence in Spain for many years, a purchase of Singular would amount to its first meaningful expansion in the country.
Based in Madrid, Singular oversees roughly €20bn in client assets. In 2021, it bought UBS’s Spanish wealth management arm.
Intesa did not take part in the wave of attempted transactions seen in its home market over the past 18 months.
It was not immediately clear who else is bidding for Singular.
Intesa and Warburg Pincus declined to comment.
