SINGAPORE, May 19 (Reuters) - The Government of Singapore Investment Corp (GIC) said on Tuesday it plans to continue holding its stakes in Citigroup and UBS.
'GIC is a long-term investor and will continue with its investments in Citigroup and UBS,' a GIC spokeswoman told Reuters.
Some analysts had expressed concerns GIC and other sovereign funds might follow in the footsteps of Temasek, which sold off its 3 percent stake in Bank of America in the first quarter to realise a hefty loss of at least $3 billion.
(Reporting by Kevin Lim and Saeed Azhar; Editing by Neil Chatterjee)
((kevin.lim@thomsonreuters.com; +65 6403 5663; Reuters Messaging: kevin.lim.reuters.com@reuters.net)) Keywords: GIC/CITI (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
'GIC is a long-term investor and will continue with its investments in Citigroup and UBS,' a GIC spokeswoman told Reuters.
Some analysts had expressed concerns GIC and other sovereign funds might follow in the footsteps of Temasek, which sold off its 3 percent stake in Bank of America in the first quarter to realise a hefty loss of at least $3 billion.
(Reporting by Kevin Lim and Saeed Azhar; Editing by Neil Chatterjee)
((kevin.lim@thomsonreuters.com; +65 6403 5663; Reuters Messaging: kevin.lim.reuters.com@reuters.net)) Keywords: GIC/CITI (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
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