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GIC Opens Sao Paulo Office

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Lim Siong Guan, Group President of GIC Private Limited

Lim Siong Guan, Group President of GIC Private Limited

GIC Private Limited, one of Singapore’s sovereign wealth funds, has opened an office in São Paulo, Brazil. This is the GIC’s tenth worldwide office and reflects the GIC’s interest in Latin America. Wolfgang Schwerdtle, a senior vice president of GIC, is heading the Brazil office. Schwerdtle works in GIC Special Investments and had previously been with MidOcean Partners.

In a press release, GIC Group President, Lim Siong Guan stated, “GIC’s presence in Brazil is another step in our strategy to be present in key financial capitals around the world. Local partners and insights add to our global understanding of value investment opportunities. To stay ahead in an increasingly competitive landscape, we will continue to leverage our ability to invest on a multi-asset class basis, respond quickly to investment opportunities both large and small, and adopt a long-term view in our investment commitments.”

Here’s Why Singapore’s GIC is Expanding Investments in Brazil

Emirates NBD Acquires Turkey’s Denizbank in $3.2 Billion Deal with Sberbank

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In a bid to establish itself as one of the region’s leading providers of financial services, Emirates NBD – Dubai’s largest bank – has entered into a deal to acquire a 99.99% stake in Turkey’s DenizBank A.Ş. for a bargain price of US$ 3.2 billion from Russian state-owned lender Sberbank. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Brazilian President Michel Temer Orders Liquidation of Sovereign Wealth Fund

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Brazilian President Michel Temer signed an executive order to shut down the country’s sovereign wealth fund. The money in the sovereign fund will go toward repayment of foreign debt.

The Sovereign Fund of Brazil, also known as Fundo Soberano do Brasil, was formed in 2008.

The formation of the Fundo Soberano do Brasil was authorized by then Brazilian President Luiz Inacio Lula da Silva.

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CDPQ Boosts Stake in Invenergy Renewables

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Caisse de dépôt et placement du Québec (CDPQ) boosted its ownership stake in Chicago-based Invenergy Renewables LLC. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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