The Dutch bank expands its private banking footprint by taking a minority stake in the Spanish wealth manager.
ING announced the acquisition of a 40% stake in Singular Bank, a Spanish wealth management firm, from private equity group Warburg Pincus. The move aims to bolster ING’s private banking capabilities in Europe’s growing wealth management sector.
Warburg Pincus currently holds 93% of Singular Bank, with the transaction marking a strategic shift for the Dutch lender. No financial terms were disclosed, but the deal aligns with ING’s focus on expanding its high-net-worth client services.
The investment reflects broader industry trends as banks seek to diversify revenue streams amid low interest rates and increased competition in traditional lending.