GXS Bank gets $229.5 million capital injection from backers Singtel and Grab

SINGAPORE - GXS Bank has received a $229.5 million capital injection from backers Singtel and Grab, according to regulatory filings with the Accounting and Corporate Regulatory Authority of Singapore.

Grab has taken up the majority of the 229.5 million shares at $1 apiece in the digital bank. It was allotted 191.8 million shares, while Singtel was alloted 37.7 million shares.

This capital injection is part of a scheduled share issuance and allotment announced in a shareholders’ resolution back in January, when Grab injected $145 million. Singtel has also been allotted 90.1 million non-paid up shares in this round as part of the resolution.

In its latest financials, GXS reported a wider loss of $208.2 million fore the year ending Dec 31, 2023, from a loss of $132.5 million a year prior, according to regulatory filings pulled by data platform Handshakes. It’s full-year revenue increased to $16.1 million from $5.1 million a year ago.

Deposits in both GXS and Malaysia GXBank have grown to US$479 million (S$650.9 billion) at the end of the first quarter of 2023 from US$36 million in the year-ago period, according to Grab’s financial results for the first quarter of 2023. THE BUSINESS TIMES