Singapore’s DBS Bank is selling a 77.8% majority stake in AXS, a provider of electronic payment services, to Tower Capital Asia. The transaction is set to be completed by August 2023, with DBS retaining a 9.9% minority stake.
Facts
- DBS Bank is divesting a 77.8% majority stake in AXS to Tower Capital Asia, a private equity firm based in Singapore.
- AXS is a provider of electronic payment services that started as an electronic service delivery network in Singapore in 2000. It became a subsidiary of DBS Bank in 2006.
- The transaction between DBS and Tower Capital Asia is expected to close by August 2023.
- After the sale, DBS will still retain a smaller 9.9% minority stake in AXS.
- AXS has expanded its digital payments and collections network over the years, offering online and mobile services and operating 660 AXS self-service kiosks across Singapore.
- Tower Capital Asia has no immediate plans to make significant changes to AXS’ operations, and the network’s services will continue in their present form.
- The sale of the majority stake in AXS is not projected to have any significant impact on DBS Group Holdings Ltd’s earnings or net tangible assets for the financial year ending on 31 December 2023.
