Netherlands-based lender ING EURONEXT:INGA on Monday said it would buy a stake of about 40% in Spain's Singular Bank from private equity firm Warburg Pincus for an undisclosed price, as it eyes expanding its private banking and wealth management division in the country.

The purchase, plans of which were first reported by Spanish newspaper Expansion last week, is expected to be finalised in the first quarter of 2027.