ING leads consortium to acquire 40% of Spanish private bank Singular Bank from Warburg Pincus
Dutch lender ING has agreed to buy a 40% stake in Spanish private bank Singular Bank as part of a consortium deal that values the wealth manager at around €19 billion in client assets.
The deal
ING has acquired approximately 40% of Singular Bank from Warburg Pincus, the private equity firm that previously held 93% of the shares. The transaction is part of a broader consortium purchase in which Warburg Pincus sells 84.5% of the bank to a group of investors. The deal was announced on 6 July 2026 and is expected to close in the first quarter of 2027, subject to regulatory approvals.
This operation allows us to accelerate our growth in Private Banking and Wealth Management in the Spanish market.
Ownership structure
After the transaction, ING will hold 40%, while the management team and employees will collectively own 15.5%, becoming the second-largest shareholder. Spanish private equity firm ProA Capital takes 15%, Mexican investment group Actinver acquires 8%, and several family offices together hold the remaining 21.5%. The management stake will increase from the current 7% through a simultaneous capital increase.
- ING
- 40 %
- Management & employees
- 15.5 %
- ProA Capital
- 15 %
- Actinver
- 8 %
- Family offices
- 21.5 %
Strategic rationale
ING described the investment as strategic, aligning with its 'Growing the difference' plan to expand product offerings and client segments. The Dutch bank is preparing to launch its own private banking proposition in Spain after the summer, and the Singular Bank stake will complement that with a platform for high-net-worth clients requiring sophisticated investment solutions and financing.
The investment in Singular Bank complements the announcement of the launch of ING's Private Banking proposal in Spain, which will offer a differentiated model based on the combination of digital scale and specialized personal advice.
Leadership and operations
Singular Bank will continue to operate as an independent entity under CEO Javier Marín, who has led the bank since its creation from the acquisition of Self Bank in 2019. The management team will remain in place, and both entities will collaborate on identified commercial opportunities to grow the client base and assets under management.
Financial details
Singular Bank manages approximately €19 billion in client assets, though one source reports the figure as over €17 billion. The transaction is expected to have a minimal impact on ING's CET1 capital ratio. The parties have agreed on mechanisms to review the shareholding structure in the future, potentially allowing ING to increase its stake.
- ING commissions due diligence from PwC on Singular Bank.
- Deal announced: consortium agrees to acquire 84.5% of Singular Bank from Warburg Pincus.
- Expected closing of the transaction, subject to regulatory approvals.
