DBS Group Holdings Ltd. (DBS), Southeast Asia’s largest lender, cut its stake in Bank of the Philippine Islands in half, strengthening its capital position.
Ayala Corp. (AC), a Philippine real-estate developer, will pay S$757.3 million ($620 million) for a 10.4 percent stake, the Singapore-based lender said in an e-mailed statement yesterday. DBS, an investor in the bank since 1999, will keep a 9.9 percent stake. Full story
