Reuters, 26 Jul 2011Singapore sovereign fund GIC, which owns significant stakes in UBS and Citigroup , said its long-term view on the two banks has not changed despite the introduction of higher capital requirements that is likely to reduce future profitability of the banking industry.
GIC's original investment of 11 billion Swiss francs in UBS, made in March 2008, is still showing a paper loss of some 5.6 billion francs, the Business Times reported. By contrast, its remaining stake in Citigroup is showing an unrealised gain of some $1.1 billion, the paper said, citing its own calculations. Full story
Related:
UBS profits plunge 49% - Jakarta Globe
