Times Online
30 Apr 2008
Asia’s largest sovereign wealth fund (SWF) is poised to exploit shattered share prices around the world and may be planning a buying spree of European and Wall Street banking titans.
Lee Kuan Yew, the Chairman of the Government of Singapore Investment Corporation (GIC) and former prime minister, told reporters that the giant fund had plenty of capital with which to increase its investments in major global banking names, and would do so if the opportunity arose.
The comments sparked speculation on Asian trading floors that the fund might be looking to build a stake in Deutsche Bank. GIC has already emerged as a significant stakeholder in two of the biggest casualties of the US subprime mortgage and credit crisis: Citigroup and UBS.
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