ING Accelerates Growth in Private Banking with Strategic Investment in Leading Spanish Wealth Manager Singular Bank
22 Articles
22 Articles
ING, a financial institution based in the Netherlands, acquired a stake of around 40% on Monday (6) in Singular Bank, Spain, of the private equity company Warburg Pincus, for an undisclosed value. With this, the Dutch institution seeks to expand its private banking and asset management divisions. Exclusive material for subscribers. To have full access, access the link of the subject and register.
ING has acquired a stake of approximately 40% in Singular Bank in what it defines as a "strategic investment" in its capabilities of private banking and asset management in the Spanish market. However, the purchase by ING not only implies its entry into the private banking business in Spain. For those who ... Continue reading "ING buys something more than Singular Bank: Javier Marin, the key piece of the operation"
The orange bank seals a strategic alliance to access a portfolio with almost 20 billion euros in assets under management.
With the entry into Singular Bank, the Dutch bank secures a 40 percent share of the Spanish private banking house – and removes US investor Warburg Pincus from the field.
ING reached an agreement to acquire a 40% stake in Singular Bank, beginning to lead the new group of shareholders of the Spanish private banking institution founded by Javier Marín, former managing director of Santander. The information was advanced this Monday by the Spanish newspaper Five Days and confirmed by the Dutch bank in press release. According to the Five Days, ING will not be in a majority position, but will become the largest shareh…
SB will continue to operate as an independent entity with close to €19 billion in client assets under management
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