<article>Singapore’s sovereign fund <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=GIC" target="_blank" rel="noopener noreferrer">GIC Private Ltd</a> has acquired a direct stake in <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=BPI" target="_blank" rel="noopener noreferrer">Bank of the Philippine Islands (BPI)</a>, a diversified universal bank owned by conglomerate <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Ayala" target="_blank" rel="noopener noreferrer">Ayala Corp</a>.</article>

Singapore’s sovereign fund <a style="color: #000080;" href="http://www.dealstreetasia.com/?s=GIC" target="_blank" rel="noopener noreferrer">GIC Private Ltd</a> has acquired a direct stake in <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=BPI" target="_blank" rel="noopener noreferrer">Bank of the Philippine Islands (BPI)</a>, a diversified universal bank owned by conglomerate <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Ayala" target="_blank" rel="noopener noreferrer">Ayala Corp</a>.
Through a block sale transaction at the Philippine Stock Exchange (PSE) last May 11, GIC realized a direct 1.2 per cent stake in BPI, as <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=Liontide" target="_blank" rel="noopener noreferrer">Liontide Holdings Inc</a>, formerly Ayala DBS Holdings Inc, transferred 46.63 million shares worth $91.4 million (P4.56 billion) to GIC, The Philippine Star reported.
The shares were sold at P100 apiece. Liontide&#8217;s interest in BPI was reduced to 20.1 per cent or 792 million shares from 21.26 per cent consisting of 837.63 million shares.
DBS in November 2013 through its wholly-owned subsidiary <a style="color: #000080;" href="https://www.dealstreetasia.com/?s=DBS+Bank" target="_blank" rel="noopener noreferrer">DBS Bank Ltd</a>, divested its remaining 9.9 per cent stake in BPI to GIC and Ayala, for a total consideration of SGD850 million in cash.
DBS used to hold its 9.9 per cent stake in BPI through a private joint venture company with Ayala and the divestment took the form of a sale of DBS’ shares in that company, as opposed to a sale of BPI shares.
GIC manages over $100 billion in a diverse range of assets – from equities to real estate and natural resources – in over 40 countries globally.
BPI is the third largest lender in the Philippines with P1.45 trillion in assets as of December 2016. The bank&#8217;s net income in 2016 reached P22.05 billion, rising 20.9 per cent in the previous year. Comprehensive income was P21.74 billion, up by 30.2 per cent.
BPI last traded at P105.40 per share on Friday (May 26).
Also Read:
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-gic-likely-to-sell-shares-in-shakeys-57401/" target="_blank" rel="noopener noreferrer">GIC aims to sell shares in Shakey’s Pizza Philippines IPO</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/bpi-to-buy-out-mobile-phone-based-savings-bank-banko-from-ayala-globe-11090/" target="_blank" rel="noopener noreferrer">BPI to buyout Ayala, Globe’s stake in mobile-based savings bank BanKO</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/philippines-ayala-invests-in-150m-indonesia-wind-farm-project-62529/" target="_blank" rel="noopener noreferrer">Philippines: Ayala invests in $150m Indonesia wind farm project</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/dbs-opens-dbs-accelerator-in-hong-kong-8324/" target="_blank" rel="noopener noreferrer">DBS opens DBS Accelerator in Hong Kong</a>

Philippines: Singapore’s sovereign fund GIC acquires direct stake in BPI bank

Philippines: Singapore’s sovereign fund GIC acquires direct stake in BPI bank

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

Philippines: Singapore’s sovereign fund GIC acquires direct stake in BPI bank

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief