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DBS cutting stake in Philippines' BPI - source

SINGAPORE/MANILA, Oct 11 (Reuters) - DBS Group , Southeast Asia's largest lender, is selling part of its stake in Bank of Philippine Islands (BPI) that is currently worth around $1.3 billion to Ayala Corp , a source familiar 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 percent stake in BPI in December 1999.

DBS and Ayala were not immediately available for comment. ($1 = 1.2293 Singapore dollars)

(Reporting by Saeed Azhar in SINGAPORE and Rosemarie Francisco in MANILA; writing by Kevin Lim; editing by Anshuman Daga)

((Kevin.Lim@thomsonreuters.com; (65) 6403 5663;))

Keywords: DBS BPI/