DBS to buy Manila bank

DBS to buy Manila bank

MANILA (AFP): The Development Bank of Singapore Ltd. (DBS) is to acquire a controlling share of the Philippine savings bank, Bank of Southeast Asia Inc. (BSA), under an agreement signed here yesterday, the Filipino bank said.

DBS will merge the operations of its local branch and the BSA, and would acquire a 60 percent shareholding interest of the Filipino bank through the purchase of existing shares and subscription in new shares, BSA said in a statement.

The cost of the transaction was not disclosed. BSA said its capital will rise to 2.7 billion pesos (about US$85 million).