Business 24-7
2 Apr 2008
The Government of Singapore Investment Corp (GIC) stands by its decision to invest in troubled Swiss bank UBS and does not rule out a further capital injection, newspapers reported on Wednesday.
UBS on Tuesday revealed an additional $19 billion in writedowns, making it the bank worst-hit by a global crisis that originated in the United States subprime, or higher-risk, mortgage sector.
The latest writedowns came on top of $18.4 billion the bank wrote down in 2007, and which led it to seek an infusion of $11.13 billion from GIC.
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