ING has agreed to acquire a minority stake in Spanish wealth manager Singular Bank as it expands its private banking business in Spain.

ING has agreed to acquire an approximately 40% stake in Singular Bank, strengthening its private banking and wealth management business in Spain. Singular Bank manages around €19 billion (US$21.7 billion)  The stake will be acquired from Warburg Pincus, which currently owns 93% of Singular Bank. Following the transaction, Singular Bank will continue to operate as an independent private bank under the leadership of Javier Marín, who, along with the management team, will retai