DBS Bank Ltd (“DBS”) today announced that it has entered into an agreement to sell a 77.8% stake in AXS Pte. Ltd. (“AXS”) to private equity firm Tower Capital Asia.
Following the close of the transaction, which is expected by August 2023, DBS will continue to retain a minority stake of 9.9% in AXS.
Incorporated in 2000 to establish an Electronic Service Delivery Network in Singapore, AXS became a DBS subsidiary in 2006. Since then, AXS has expanded its digital payments and collections network through its more than 660 AXS Stations across Singapore, as well as a suite of online and mobile services.
Tower Capital Asia has indicated that there are no immediate plans to implement any material changes to AXS’ operations, and customers can continue to enjoy the services AXS currently avails.
The transaction is not expected to have any material impact on the earnings or net tangible asset of DBS Group Holdings Ltd. for the financial year ending 31 December 2023.