Singaporean financial firm DBS Bank Ltd (DBS) has on Tuesday announced that it has entered into an agreement to sell a 77.8 percent stake in its payments firm 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 percent in AXS, DBS said in a statement.

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.

DBS is a financial services group in Asia with a presence in 19 markets.

Headquartered and listed in Singapore, the bank is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia.

The bank provides a full range of services in consumer, small and medium sized enterprise (SME) and corporate banking.

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