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Grab explores spinning off financial services business: sources

Reuters
Reuters5/8/2019 04:39 PM GMT+08  • 2 min read
Grab explores spinning off financial services business: sources
SINGAPORE (May 8): 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 ma
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SINGAPORE (May 8): 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 has adopted an aggressive strategy to expand its range of services, from transport to food delivery and payments, as it races Indonesia's Go-Jek to become an app-for-everything in
Southeast Asia, home to about 650 million people.

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.

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