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.