Yahoo! Philippines News - Latest Philippines News & International News Headlines: DBS cutting stake in Philippines' BPI - source

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DBS cutting stake in Philippines' BPI - source Oct 11th 2012, 10:55 SINGAPORE/MANILA, Oct 11 (Reuters) - DBS Group,Southeast Asia's largest lender, is selling part of its stake inBank of Philippine Islands (BPI) that is currentlyworth around $1.3 billion to Ayala Corp, a sourcefamiliar with the deal told Reuters on Thursday. Ayala, a conglomerate, is the biggest shareholder in BPI,which is the Philippines' largest bank by market capitalisation.DBS owns about 20.3 percent of BPI. DBS invested S$1.2 billion ($976 million) for a 19.7 percentstake in BPI in December 1999. DBS and Ayala were not immediately available for comment.($1 = 1. ...

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