SingTel Shifts SUPA Shares to GXS, Emtek-Grab Remain in Control

PT Super Bank Indonesia Tbk. (SUPA) has provided clarification regarding the transfer of ownership of Singtel Alpha Investments Pte. Ltd.’s shares in the digital bank. As previously reported, the Singaporean Singtel entity carried out the divestment on 29 May 2026. The number of SUPA shares released amounted to 2.49 billion shares, equivalent to 7.36%, and was transferred to GXS Bank, whose shares are jointly owned by Grab and Singtel. Through a public disclosure, Superbank’s management explained that GXS Bank’s ownership in SUPA increased from 10.44% to 17.66% following the transaction. As a result, Superbank’s shareholders consist of A5-DB Holdings at 16.14%, GXS Bank at 17.66%, PT Kudo Teknologi Indonesia at 16.67%, and other shareholders at 49.53%. Grab holds a direct ownership of 32.81% through Kudo Teknologi and A5-DB, and an indirect ownership of 17.66%. Grab also controls 60% of GXS Bank’s shares. Superbank explained that PT Elang Media Visitama (EMV) remains the controlling shareholder after the acquisition of shares from Singtel to GXS Bank. The Emtek Group entity is recorded as holding a 27.59% stake in SUPA. In addition to EMV, Kudo Teknologi, which is affiliated with Grab, is also listed as a controlling shareholder of SUPA. Superbank’s management stated they are unaware of any shareholders’ agreement or other arrangements granting specific control rights to Grab or GXS Bank following the transfer. The digital bank Superbank is controlled by the Emtek Group together with Southeast Asian super app Grab. In January 2023, SingTel and Grab had acquired approximately 2.4 billion new shares in Bank Fama (before it was renamed Superbank) for around US$70 million. Subsequently, the bank changed its name to Superbank in February in a bid to strengthen digital-based services and expand its financial offerings. Superbank then launched its public application on 19 June 2024, introducing direct integration with the Grab and OVO apps.