SINGAPORE/MANILA, Oct 11 (Reuters) - DBS Group,
Southeast Asia's largest lender, is selling more than half of
its $1.3 billion stake in Bank of Philippine Islands (BPI)
to Ayala Corp, a source familiar with the deal
told Reuters on Thursday.
Banks around the world have been shedding minority stakes in
financial institutions because they are considered inefficient
for capital under Basel III rules.
DBS Group CEO Piyush Gupta wants to have controlling stakes
in banks, and as part of the strategy made a $7.2 billion bid
for Indonesia's PT Bank Danamon. The approval of that
deal is delayed due to regulatory reasons.
Ayala, a conglomerate, is the biggest shareholder in BPI,
which is the Philippines' largest bank by market capitalisation.
DBS owns about 20.3 percent of BPI.
"DBS is selling (a) more than 10 percent stake in BPI," said
the source, who asked not to be named because the deal is not
public.
DBS and Ayala were not immediately available for comment.
DBS is selling the stake at a time when the Philippines
stock market is among the best performing markets in Southeast
Asia.
The Philippines main index has gained nearly 23
percent this year, with BPI surging 42 percent. Last week, the
shares hit a record high of 81 pesos.
DBS invested S$1.2 billion ($976 million) for a 19.7 percent
stake in BPI in December 1999. It has written down part of that
investments over the past few years, sources said.
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