DBS sells Philippine bank stake for US$616m

Singapore’s DBS Group has agreed to sell more than half its stake in Bank of Philippine Islands (BPI) to partner Ayala Corp, a deal that locks in profit on the holding by Southeast Asia’s largest bank and boosts its cash reserve to meet new industry regulations.

DBS Group’s move - raising US$616 million - is also part of chief executive Piyush Gupta’s broader strategy to focus on larger, controlling stakes in other lenders.

via Business feed http://www.scmp.com/business/banking-finance/article/1059444/dbs-sells-philippine-bank-stake-us616m