Ayala ups stake in Philippines' BPI as DBS completes exit

SINGAPORE Mon Nov 11, 2013 7:47pm EST

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SINGAPORE Nov 12 (Reuters) - Singapore sovereign wealth fund GIC and Philippine conglomerate Ayala Corp have bought DBS Group Holdings' remaining 9.9 percent stake in Bank of the Philippine Islands (BPI), the Singapore fund said on Tuesday.

GIC and Ayala paid 29.6 billion Philippine peso ($680.2 million) for the remaining stake.

GIC will gain 5.6 percent of BPI through the transaction while Ayala will raise its stake in the Philippine bank to 48.3 percent from 44.0 percent, the Singapore sovereign fund said.

Please click on for an earlier story. ($1 = 43.5150 Philippine pesos) (Reporting by Kevin Lim; Editing by Richard Pullin)

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