Singapore GIC Faces US$10 Billion Loss on UBS and Citigroup, may take a decade to recoup losses

Bloomberg.com, 2 Mar 2010
March 2 (Bloomberg) -- It took the Government of Singapore Investment Corp. three days in 2007 to agree to prop up UBS AG, ailing from subprime losses. It may take a decade to recoup that investment of 11 billion Swiss francs ($10 billion).
GIC, manager of more than $100 billion of the city-state’s foreign reserves, faces a paper loss of about 5.6 billion francs when it becomes the biggest shareholder of UBS on March 5, as shares of Switzerland’s largest bank trade at a third of the conversion price on notes it holds. Full Story

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