| Ayala Corp. and a Singapore’s sovereign wealth fund have bought out DBS Bank Ltd.’s remaining stake in Bank of the Philippine Islands (BPI). Ayala, together with GIC Private Ltd., paid P29.6 billion for an Ayala DBS Holdings, Inc. stake equivalent to a 9.9% indirect interest in BPI. Ayala increased its ownership of the bank to 48.3%, while GIC took 5.6%.
"DBS has been a strategic investor in BPI since 1999. This divestment is in line with DBS’ focus on its core markets," DBS chief executive Piyush Gupta was quoted in the statement as saying...............................................Full Article: Source
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