ING Group Acquires 40% Stake in Singular Bank to Boost Private Banking

ING Group has taken a significant step to expand its Private Banking and Wealth Management footprint in Spain by acquiring approximately 40% of Singular Bank, a prominent independent Spanish private bank. The transaction, announced on July 6, 2026, positions ING to accelerate growth in a market with strong potential for high-net-worth client services.

Singular Bank manages around €19 billion in client invested assets and offers a comprehensive range of products tailored to high-net-worth individuals. ING acquires its stake from Warburg Pincus, a global private equity firm that previously held 93% of the shares. Following the transaction, Singular Bank’s CEO Javier Marín and management team, alongside several financial institutions and Spanish investors, will retain ownership stakes. The deal is structured as a minority investment, with ING holding 40%, and includes provisions for potential future increases in ING’s ownership.

ING’s presence in Spain spans over 25 years, serving 4.6 million retail customers with products including payments, savings, investments, mortgages, and lending. ING Wholesale Banking has operated in Spain since 1982, supporting large corporates and institutions. The investment in Singular Bank complements ING’s recently launched Private Banking proposition in Spain, which combines digital scale with personalized advisory services.

According to ING CEO Steven van Rijswijk, “The investment in Singular Bank is a natural next step in our strategy aimed at becoming the best European bank by accelerating growth, increasing impact and delivering value. We have been impressed with what Javier and his team have built over the past years, and we look forward to working together on the further growth and scaling of Singular Bank, reinforcing our commitment to the exciting Spanish market.” Singular Bank CEO Javier Marín added, “With the continued support and commitment of our team and the trust of our clients, we will expand our presence and our value proposition, with the goal of accelerating our growth and positioning the bank as the leader in private banking in Spain.”

The strategic rationale behind the deal includes cross-selling opportunities, expanding wealth management offerings to ING’s existing customer base, and leveraging Singular Bank’s established client relationships to increase assets under management. Operational synergies are expected through shared technology platforms, consolidated compliance functions, and economies of scale in marketing and client acquisition.

The transaction is anticipated to have minimal impact on ING’s Common Equity Tier 1 (CET1) ratio. Closing is expected in the first quarter of 2027, subject to customary regulatory approvals. ING Corporate Finance served as exclusive financial advisor to ING Group on the deal.

Market analysts note that this investment strengthens ING’s position in the competitive Spanish private banking sector, which is experiencing consolidation and increased digital transformation. Competitors may respond with similar partnerships or investments to enhance their private banking capabilities.

Looking ahead, both ING and Singular Bank plan to maintain Singular Bank’s operational independence while pursuing further commercial cooperation to grow their client base and assets under management. The partnership aims to deliver a broader, more sophisticated product suite and enhanced digital services to meet the evolving needs of high-net-worth clients in Spain.