DBS Bank to sell majority stake in AXS to Tower Capital Asia
Singapore-headquartered DBS Bank is divesting its majority stake in AXS to Tower Capital Asia for an undisclosed sum.
DBS sells its majority stake in AXS to Tower Capital Asia
The bank has struck an agreement with the private equity firm this week to sell a 77.8% stake in AXS, a provider of electronic payment services, with the transaction set to close by August 2023. DBS will retain a smaller minority stake in AXS of 9.9%.
Incorporated as an electronic service delivery network in Singapore in 2000, AXS became a DBS subsidiary in 2006. In the 17 years since, it has expanded its digital payments and collections network through online and mobile services, in addition to 660 AXS self-service kiosks situated across Singapore.
Tower Capital Asia, also headquartered in Singapore, says it has no immediate plans to implement any material changes to AXS’ operations, with the network’s services set to continue in their present form.
Likewise, the transaction is not expected to have any material impact on the earnings or net tangible assets of DBS Group Holdings Ltd for the financial year ending 31 December 2023.
