MADRID (dpa-AFX) - ING GROEP N.V. (ING, INGA.AS, INN1.DE, 1INGA.MI), a Dutch lender and financial service provider, said on Monday that it will acquire around a 40% stake in Singular Bank, an independent Spanish private lender, to accelerate ING's private banking and wealth management business in Spain.
ING will buy the stake from Warburg Pincus, a private equity firm, which currently holds 93% of the shares. The transaction is expected to be closed in the first quarter of 2027.
Post transaction, ING's non-controlling stake in the Spanish bank is expected to be 40%, depending on a planned additional investment by Singular Bank management. Singular Bank will also remain as an independent lender in the Spanish private banking market.
Singular Bank has around EUR 19 billion of the client's invested assets.
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