Yahoo! Philippines News - Latest Philippines News & International News Headlines: UPDATE 1-DBS selling over 10pct stake in Philippines' BPI-source

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UPDATE 1-DBS selling over 10pct stake in Philippines' BPI-source Oct 11th 2012, 11:42 (Adds detail on stake, background) SINGAPORE/MANILA, Oct 11 (Reuters) - DBS Group,Southeast Asia's largest lender, is selling more than half ofits $1.3 billion stake in Bank of Philippine Islands (BPI) to Ayala Corp, a source familiar with the dealtold Reuters on Thursday. Banks around the world have been shedding minority stakes infinancial institutions because they are considered inefficientfor capital under Basel III rules. DBS Group CEO Piyush Gupta wants to have controlling stakesin banks, and as part of the strategy made a $7.2 billion bidfor Indonesia's PT Bank Danamon. ...

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