BRIEF-ING Invests In Spanish Wealth Manager Singular Bank

July 6 (Reuters) - ING Groep NV INGA.AS:

  • ING ACCELERATES GROWTH IN PRIVATE BANKING WITH STRATEGIC INVESTMENT IN LEADING SPANISH WEALTH MANAGER SINGULAR BANK

  • STRATEGIC INVESTMENT IN LEADING SPANISH WEALTH MANAGER SINGULAR BANK

  • CLOSING OF DEAL EXPECTED IN Q1 2027

  • NON-CONTROLLING STAKE IN SINGULAR BANK EXPECTED TO BE 40%

  • ACQUIRING A STAKE OF APPROXIMATELY 40% IN LEADING SPANISH WEALTH MANAGER SINGULAR BANK.

  • DEAL EXPECTED TO HAVE MINIMAL IMPACT ON ING CET1 RATIO

  • ING ACQUIRES STAKE FROM WARBURG PINCUS, CURRENTLY HOLDING 93% OF SHARES IN SINGULAR BANK

  • SINGULAR BANK IS A LEADING INDEPENDENT SPANISH PRIVATE BANK WITH AROUND EUR 19 BILLION OF CLIENTS' INVESTED ASSETS

  • AFTER TRANSACTION, SINGULAR BANK WILL CONTINUE TO OPERATE AS AN INDEPENDENT ENTITY IN SPANISH PRIVATE BANKING MARKET

Source text: ID:nGNX8d5vy2

Further company coverage: INGA.AS


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