Italy's largest bank Intesa Sanpaolo is preparing a formal acquisition offer for Spanish wealth manager Singular Bank, marking a strategic push into European private banking markets. The move comes as U.S. private equity firm Warburg Pincus looks to exit its investment in the Spanish firm.

Warburg Pincus has been seeking a buyer for Singular Bank, which manages assets across Latin America and Europe. The potential deal would give Intesa Sanpaolo a stronger foothold in Spain's growing wealth management sector while expanding its international presence beyond Italian borders.

For Intesa Sanpaolo, acquiring Singular Bank represents an opportunity to diversify revenue streams and capture high-net-worth clients across multiple jurisdictions. The Italian banking giant has been actively pursuing growth through acquisitions, particularly in neighboring European markets where wealth management fees offer attractive margins.

The acquisition would consolidate Intesa Sanpaolo's position as a leading European private bank while providing Singular Bank clients access to broader investment products and services through the Italian group's extensive network.