ING, Actinver and ProA acquire 93% of Singular Bank from Warburg Pincus

ING acquires 40% of Singular Bank, while Actinver and ProA also join the capital. The management team led by Javier Marín increases its stake to 15%.

The private banking bank Singular Bank has completed a change of shareholders after more than six months of negotiations. Warburg Pincus, which controlled 93% of the entity, has sold its stake to a group of investors led by ING, which takes 40%. The operation, advised by Jefferies, also includes a capital increase that will be subscribed by the management team headed by Javier Marín and other investors.

A varied group of investors with no clear majority

The private equity fund Warburg Pincus has accepted the proposal driven by Javier Marín himself, former CEO of Banco Santander and president of Singular Bank since 2019. The sale of the 93% has been structured so that no investor has a majority stake. ING will be the reference shareholder with 40%, after having conducted due diligence commissioned to PwC in recent weeks. The Mexican manager Actinver and the Spanish private equity firm ProA also enter as significant investors. The rest of the capital is distributed among several family offices, such as the vehicles of Bhavnani, Lafita and Gomenge, each with more than 5%.

The management team strengthens its position

Javier Marín and his management team, who previously controlled around 7% of Singular Bank, will increase their stake to nearly 15% through a capital increase that will be executed simultaneously with the purchase. This capital injection will allow the bank to accelerate its growth, according to sources familiar with the operation. Singular Bank currently manages more than 17 billion euros, of which about 2 billion correspond to the digital platform Self Bank. The entity has a strategic plan to expand both high net worth banking and the digital business.

ING's entry accelerates its commitment to private banking

The operation represents a step forward for ING in the high net worth segment in Spain. The Dutch bank, which is preparing to launch a private banking offer after the summer, thus strengthens its capabilities in an increasingly competitive market. Since its creation in 2019, Singular Bank has integrated Self Bank and UBS's business in Spain, with a total investment from Warburg Pincus of around 280 million euros between the initial purchase and subsequent capital increases. For readers interested in private banking, this move consolidates Singular Bank as an independent player backed by a large European bank and institutional investors, which could translate into a greater offering of products and services for high net worth clients. The closing of the operation is expected in the coming months, once the relevant regulatory approvals are obtained.