Singapore’s GIC raises stake in Ayala-backed Philippine lender BPI

Photo: Reuters

Singapore’s sovereign fund GIC has raised its stake in Bank of the Philippine Islands (BPI) to over five per cent, according to a disclosure to the Securities and Exchange Commission (SEC).

The investment was made through a through a series of transactions at the Philippine Stock Exchange (PSE) over the past two months.

“The aggregate number of common shares is the registrant beneficially owned by GIC is 225.15 million shares which represent 5.0001 percent of the common shares issued by the registrant,” BPI said in the disclosure.

BPI is a diversified universal bank owned by conglomerate Ayala Corp. and is the Philippines’ fourth-largest bank in terms of assets.

GIC first acquired a stake in BPI in May 2017 when it realised a direct 1.2 per cent stake in the bank through a block sale transaction at the Philippine Stock Exchange. The move was made after Singapore-lender DBS Bank divested its remaining 9.9 per cent stake in BPI in 2013.

By the end of 2017, GIC had acquired a total of 4.3 per cent stake from DBS of BPI, while Ayala acquired the remaining 5.6 per cent interest, making it the single biggest shareholder with a 48.2 per cent stake, while the Roman Catholic Archbishop of Manila has an 8.3 per cent interest.

GIC recently completed a similar move in the Indian market when it increased its shareholding in Kotak Mahindra Bank Ltd by buying additional 9.56 million shares from ING Mauritius Investments 1 Ltd, a subsidiary of Dutch lender ING Bank NV, for Rs 1,079.99 crore (about $150 million).

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

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Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.