SINGAPORE'S GIC, AYALA CORP ACQUIRE DBS'S STAKE IN BANK OF THE PHILIPPINE ISLANDS - GIC STATEMENT
By Editor
Nov 11, 2013 07:31 PM EST
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GIC Private Limited, formerly known as Government of Singapore Investment Corporation, is a sovereign wealth fund established by the Government of Singapore in 1981 to manage Singapore's foreign reserves. Its mission is to preserve and enhance the international purchasing power of the reserves, with the aim to achieve good long-term returns above global inflation over the investment time horizon of 20 years. With a network of nine offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, money-market instruments, real estate and special investments. (Photo : Reuters)
Singapore sovereign wealth fund GIC and Philippine conglomerate Ayala Corp have bought DBS Group Holdings' remaining 9.9 percent stake in Bank of the Philippine Islands (BPI), the Singapore fund said on Tuesday.
GIC and Ayala paid 29.6 billion Philippine peso ($680.2 million) for the remaining stake.
GIC will gain 5.6 percent of BPI through the transaction while Ayala will raise its stake in the Philippine bank to 48.3 percent from 44.0 percent, the Singapore sovereign fund said.
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