ING Groep NV (INGA.AS): Latest M&A Speculation With Spain’s Singular

Research evidence excerpt

ING Groep NV (INGA.AS): Latest M&A Speculation With Spain’s Singular

Flash |

01 Jul 2026 11:39:36 ET │ 12 pages

ING Groep NV (INGA.AS)

Latest M&A Speculation With Spain’s Singular

CITI’S TAKE

We believe ING’s acquisition of 40% of Singular Bank (as per Expansion) is

Buy consistent with their overarching strategy both in Spain (where we met

Price (01 Jul 26 13:29) €27.26 management in March) and group-wide (we note ING has not yet

commented). Given the company’s track record in converting customers Target price €30.20

to primary customers (who must have a payroll account with them) we Expected share price return 10.8%

would be inclined to give some credit to their private banking ambitions in Expected dividend yield 5.0%

Spain. We are also encouraged by press reports of a ‘long-term purchase Expected total return 15.8%

option’ (where we have previously questioned why they acquire minority Market Cap €79,609M

stakes in their key markets e.g. Van Lanschot Kempen) as opposed to

US$90,611M controlling stakes. We are Buy-rated ING (see Deep Dive into AI

risks/opportunities and their broader strategy) though prefer ABN for re-

rating potential as well as near-terms earnings upside (see latest Benelux

Banks Monthly). Shrey SrivastavaAC

+44-20-7986-2608

What’s Happened? – Expansion has today reported that ING has finalised the shrey.srivastava@citi.com

purchase of ~40% of Singular Bank. As per the article Singular manages ~€18bn of Anand Demble

high-net-worth assets as one of the biggest independent firms in the sector, and

+44-20-7986-4056

there were multiple parties interested. Interestingly the article also states ‘market

anand.gopal.demble@citi.com

sources suggest that the entity may have signed a long-term purchase option, both