Singapore's GIC says no rush to sell Citi, UBS stakes-report
SINGAPORE, Sept 28 |
SINGAPORE, Sept 28 (Reuters) - Singapore sovereign wealth fund GIC [GIC.UL] is in no hurry to reduce its stakes in Citigroup (C.N) and UBS (UBSN.VX) (UBS.N) as it believes the worst is over for both lenders, the Business Times reported on Tuesday.
"These two banks have weathered the crisis; the worst is behind them. Both banks have returned to profitability over the last two quarters," GIC Group Chief Investment Officer Ng Kok Song told local media.
"We're long-term investors, so we're quite prepared to stay with them," he added.
Ng said the Singapore sovereign fund, which helped bail out the two banks during the financial crisis, now owns 3.8 percent of Citi's common stock and 6.4 per cent of UBS's common stock.
GIC, which manages more than $200 billion, on Monday released its annual report. It raised its equity holdings in its last financial year and said it will put a larger portion of its funds in emerging markets. [ID:nSGE68Q0LX]
As was the case last year, GIC held a briefing on its annual report for local media only.
(Reporting by Kevin Lim; Editing by Dhara Ranasinghe)
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