GIC Unloads 2.4% of its UBS Stake
Update May 16, 2017, Lim Chow Kiat, Chief Executive Officer of GIC, “GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS’ strategy and business. It makes sense now for GIC to reduce its ownership of UBS and to redeploy these resources elsewhere.”
Singaporean sovereign wealth helped buoy global banks during the financial crisis – Swiss banking giant UBS was one of the beneficiaries of wealth fund capital in 2008. Citigroup was another beneficiary of Singaporean wealth fund capital at the time too. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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