Grab takes control of Indonesia’s Superbank via GXS transfer

The transfer will increase the group’s stake in the bank to over 50%.

Grab Holdings Limited will consolidate PT Super Bank Indonesia Tbk (Superbank) into its financial statements following the transfer of Singtel Alpha Investments Pte. Ltd.’s stake in the bank to GXS Bank.

In a bourse filing, Grab said the transfer, expected to be completed in May, will raise its combined direct and indirect shareholding in Superbank to over 50%.

Following completion, the bank will become a subsidiary of the group, with its financial results fully consolidated into Grab’s financial services segment from May onwards.

Grab will provide an updated financial guidance at its second-quarter 2026 results call in August.

GXS Bank is the group’s digital banking joint venture with Singtel.

Superbank, which was listed on the Indonesia Stock Exchange in December 2025 and has a market capitalisation of about $2.05b (US$1.6b), has counted Grab as an investor since 2022.

The lender reported its first full-year profit in FY 2025, and also reported 72% asset growth year-on-year to $1.8b (US$1.4b) and 84% net interest income growth year-on-year in April 2026.

Since its app launch in June 2024, the bank has served over 6 million customers across Indonesia, with daily transactions exceeding 1 million. As of April, around 60% of its customers have a Grab and/or OVO Account.

$1 = US$0.78