Clifford Chance is advising Singapore sovereign wealth fund Government of Singapore Investment Corp. Pte. Ltd. on its joint purchase with Philippine conglomerate Ayala Corp. of a 9.9 percent interest in the Bank of the Philippine Islands for a combined $681 million.

GIC and Ayala are acquiring the stake from Singapore’s DBS Bank Group Holdings Ltd., which is exiting its investment in the Philippine bank in order to focus on its core markets in Singapore, China, and India.

DBS also holds its stake in BPI through a joint venture with Ayala, and previously sold half of its interest to the latter last year for $616 million. After this latest transaction is complete, Ayala will gain an additional 4.3 percent, bringing its interest in the bank to 48.3 percent. GIC will have a 5.6 percent interest.

Singapore partner Simon Clinton and Melissa Ng are leading the Clifford Chance team advising GIC on the deal. Counsel for Ayala was unknown at press time.

Philippine law firm SyCip Salazar Hernandez & Gatmaitan acted for both GIC and DBS, with partner Rose Marie King-Dominguez representing GIC and partner Mia Gentugaya representing DBS.