Why DBS

Nov 2013
DBS sold its remaining stake in Bank of Philippine Islands for S$850 million to focus on key financial hubs like Singapore, Hong Kong. A realised net gain of S$447 million came from the sale.

Source: http://www.bloomberg.com/news/2013-11-12/dbs-sells-philippine-bank-stake-for-681-million-to-gic-ayala.html

Mar 2014

DBS redeemed preference shares early, returning $895 million. The returning of debt shows that DBS is in a financially stronger position for growth opportunities ahead.

Source: http://business.asiaone.com/news/dbs-redeeming-preference-shares-early-returning-895m 

At the same month of March, DBS had constantly been doing share buybacks of about S$5 million a month