GIC Firm on Investments with Citigroup and UBS
On Tuesday, the Government of Singapore Investment Corporation (GIC) reiterated they plan on holding its stakes in UBS AG and Citigroup. In fact, GIC officials are keen to hold these stakes for the long-term until an extremely high price comes along. Citigroup and UBS are trying to return to profitability and improve capital ratios.
A GIC spokeswoman told press that, “GIC is a long-term investor and will continue with its investments in Citigroup and UBS.”
Equity analysts are concerned that Singapore’s GIC and other sovereign wealth funds could sell off stakes in these global financial institutions. For example, Temasek Holdings dumped a 3% stake in the first quarter in Bank of America. They realized a loss of at least US$ 3 billion.
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