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).