FoxBusiness.com 19 Sep 2011SINGAPORE -(Dow Jones)- The Government of Singapore Investment Corp., or GIC, Monday said its investment in Swiss bank UBS AG (UBS) was made prior to the 2008 global financial crisis and that the timing of this investment could have been better.
GIC has a 6.6% stake in UBS, making it the largest shareholder in the bank. It acquired a 9% stake in the Swiss bank for about 11 billion Swiss francs ($12.40 billion) through the purchase of two-year convertible bonds in 2007, which was subsequently reduced to its current level after the bonds were converted into equity early last year. Full story
