Grab-backed GXS Bank has bought 2.44 billion shares in Indonesia’s Superbank, giving it a 7.22% stake in the listed digital bank.

The purchase adds to Grab’s indirect exposure to Superbank as the Singapore-based company moves to bring the Indonesian lender under its financial services segment.

IDN Financials reported the share purchase based on the Indonesia Stock Exchange’s update on shareholders with ownership of more than 5%.

GXS Bank is jointly owned by Grab Holdings and Singtel, with the former holding 60% and the latter owning the remaining 40%.

The IDX update also showed that A5-DB Holdings Pte. Ltd., another Grab-linked investor, bought an additional 47.23 million shares in PT Super Bank Indonesia Tbk.

The two transactions bring Grab’s combined exposure to Superbank shares to 23.5%. Both purchases were handled through PT Mandiri Sekuritas.

The shareholding change follows Grab’s earlier announcement that Singtel Alpha Investments would transfer its stake in Superbank to GXS Bank.

Once completed, the transfer is expected to raise Grab’s combined direct and indirect shareholding in Superbank to more than 50%.

This would allow Grab to consolidate Superbank’s financial results into its financial services segment.

This article first appeared on Fintech News Singapore. 

Featured image: Edited by Fintech News Indonesia, based on image by thanyakij-12 via Magnific