DBS buys stake in BSA

DBS buys stake in BSA

SINGAPORE (Reuters): DBS Bank said yesterday that it had
signed an agreement to buy a majority interest in the Bank of
Southeast Asia, Inc, in the Philippines.

A DBS bank statement said it had signed an acquisition
agreement, a subscription agreement and other documents to
acquire the Bank of Southeast Asia (BSA).

DBS will buy 4.28 million shares constituting 30 percent of
BSA's existing share capital and subscribe approximately 12
million new BSA share increasing its shareholding interest to
about 60 percent of the enlarged Philippine bank.

The ASB group of companies will remain the largest Philippine
shareholder with about 28 percent interest in BSA.

DBS the total purchase including subscription of new shares is
estimated at 1.7 billion Philippine pesos.

After the capital injection, BSA's shareholders' funds will
increase to 2.8 billion pesos from 1.5 billion pesos.

DBS said the name of BSA will be changed at an appropriate
time to reflect majority shareholding by the DBS Bank.