ING Spain nears 40% Singular Bank stake purchase – report

ING Spain is nearing the acquisition of a 40% holding successful section wealthiness manager Singular Bank, reported Reuters, citing sources.

The transaction, archetypal reported by Spanish paper Expansion, has not yet been completed and remains taxable to last terms, 1 idiosyncratic said.

Financial presumption were not revealed.

Warburg Pincus, the US money that holds 93% of Singular, was not instantly disposable for comment.

ING Spain declined to comment.

A root had antecedently told Reuters that Singular's management, led by erstwhile Santander main enforcement Javier Marin and holding 7% of the bank, was overseeing the merchantability process portion looking for a caller bulk investor.

Singular acquired UBS' Spanish wealthiness absorption concern successful 2021 and had astir €18bn ($20.5bn) successful assets nether absorption successful the archetypal quarter.

Expansion said ING Spain would articulation a radical of investors successful which nary shareholder would power much than 50%.

The radical would besides see Marin, a Mexican slope and respective household offices, with ING Spain taking the biggest stake.

If completed, the woody would effect successful Warburg Pincus leaving the Spanish slope entirely, Expansion reported.

Sources told Reuters successful May that Italy's Intesa Sanpaolo was besides among those funny successful Singular, confirming an earlier Financial Times study that said Warburg was seeking €300m for its afloat holding.

Since then, Intesa has announced a €30.6bn unsolicited cash-and-share connection for home rival Monte dei Paschi di Siena, and a idiosyncratic privy to the improvement told Reuters it was afloat focused connected that.

"ING Spain nears 40% Singular Bank involvement acquisition – report" was primitively created and published by Private Banker International, a GlobalData owned brand.