ING Spain is nearing the acquisition of a 40% holding in local wealth manager Singular Bank, reported Reuters, citing sources.
The transaction, first reported by Spanish newspaper Expansion, has not yet been completed and remains subject to final terms, one person said.
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
Financial terms were not revealed.
Warburg Pincus, the US fund that holds 93% of Singular, was not immediately available for comment.
ING Spain declined to comment.
A source had previously told Reuters that Singular’s management, led by former Santander chief executive Javier Marin and holding 7% of the bank, was overseeing the sale process while looking for a new majority investor.
Singular acquired UBS’ Spanish wealth management business in 2021 and had about €18bn ($20.5bn) in assets under management in the first quarter.
Expansion said ING Spain would join a group of investors in which no shareholder would control more than 50%.
The group would also include Marin, a Mexican bank and several family offices, with ING Spain taking the biggest stake.
If completed, the deal would result in Warburg Pincus leaving the Spanish bank entirely, Expansion reported.
Sources told Reuters in May that Italy’s Intesa Sanpaolo was also among those interested in Singular, confirming an earlier Financial Times report that said Warburg was seeking €300m for its full holding.
Since then, Intesa has announced a €30.6bn unsolicited cash-and-share offer for domestic rival Monte dei Paschi di Siena, and a person privy to the development told Reuters it was fully focused on that.
