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Tuesday, 12 November 2013

DBS sells remaining stake in The Bank of the Philippine Islands for S$850m

DBS GROUP Holdings is selling its remaining 9.9 per cent stake in The Bank of the Philippine Islands (BPI) to GIC and Ayala Corporation for S$850 million.

The sale will realise a net gain of about S$447 million over the carrying value of the investment.

This follows the partial divestment undertaken by subsidiary DBS Bank in October 2012. It is in line with DBS Group Holdings' focus on its core markets of Singapore, Hong Kong, China, Taiwan, India and Indonesia.

DBS holds its 9.9 per cent stake in BPI through a private joint venture company with Ayala, and the divestment takes the form of a sale of DBS' shares in that company, as opposed to a sale of BPI shares.

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