ING Spain is nearing the acquisition of a 40% holding in local wealth manager Singular Bank, reported Reuters, citing sources.
The transaction, remains subject to final terms, one person said
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%.