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Grab looks at spinning off financial services unit
- Thursday | 9th May, 2019
“Grab is still keen to keep control of the unit.”Grab is considering spinning off its payments and financial services businesses, the Financial Times said on Wednesday. One of the sources said banks and insurance companies are among the potential investors in Grab’s financial services business, adding that the plan is in an early stage. SINGAPORE (Reuters) – Singapore-based ride-hailing company Grab has mandated a few banks to approach potential investors to take minority stakes in its financial services business as it looks to spin off the unit, according to two people familiar with the matter. Grab is pushing deeper into consumer credit and is expanding lending to small businesses as part of its big expansion into the financial services sector, an area it has earmarked for growth. A Grab spokeswoman declined to comment on the potential spin-off but said the company always evaluated the capital structure of its businesses.
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