Philippine-listed bank Asia United Bank Corporation (AUB) has received approval by the Monetary Authority of Singapore (MAS) for the proposed sale of its controlling stake in cash remittance services firm REPL.
The disclosure did not provide details of the buyer of the stake but AUB said the divestment will allow the bank to monetise its investment and focus on its core operations. The total cash consideration was about S$560,083.
REPL (formerly, Pinoy Express PTE Limited [Singapore]) provides cash remittance services. Its services include door-to-door cash/funds delivery services; bank deposit services, which include same or next day credit to online bank accounts; online cash and offline pick-up services; cash card and tele-remittance (via cell phone) services; bills payment services; and cash-a-lubong services in Manila.
It offers remittance services in the Middle East, Europe, Asia, Canada, and the United States. REPL was founded in 1996 and is based in Singapore, with additional offices in Brunei, Hong Kong, Palau, the Philippines, and Saipan. Since 27 October 2015, REPL has been operating as a subsidiary of AUB.
