The acquisition would see U.S. investment fund Warburg Pincus exit its 93% position in Singular entirely. According to reports, the bank’s management team, led by former Santander CEO Javier Marin, has been orchestrating a transition toward a consortium model. Under this structure, no single investor would hold a majority stake, with ING Spain emerging as the largest shareholder alongside a Mexican bank and several family offices.

Singular, which oversees approximately €18 billion in assets, has been the subject of intense interest, including a reported previous look from Italy’s Intesa Sanpaolo. However, Intesa has since pivoted its resources toward a major takeover bid for Monte dei Paschi di Siena. Singular’s expansion strategy has been aggressive, notably acquiring UBS’ Spanish wealth management business in 2021. Representatives for Singular and ING declined to comment on the specific financial terms of the ongoing negotiations.