2nd UPDATE: GIC:UBS Long-Term Investment; Upbeat On Prospects
October 09 2009 - 10:36AM
Dow Jones News
Government of Singapore Investment Corp. or GIC, said Friday it
plans to remain a long-term shareholder of UBS AG (UBS), and is
confident of the Swiss bank's outlook after meeting this week with
Chairman Kaspar Villiger.
"We have confidence in the prospects of the bank under the
leadership of Chairman Kaspar Villiger and Chief Executive Oswald
Gruebel," sovereign wealth fund GIC deputy chairman Tony Tan told
Dow Jones Newswires on the sidelines of The International
Organization of Securities Commissions, or IOSCO.
A spokesman for UBS declined to comment on Tan's remarks.
GIC manages Singapore's foreign-exchange reserves. It is the
world's fourth-largest sovereign wealth fund in terms of money
managed, according to Deutsche Bank, with high-profile investments
in financial institutions such as Citigroup Inc. (C) and
Zurich-based UBS.
GIC, together with an undisclosed Middle East investor, will
hold a roughly 7% stake in UBS when a mandatory convertible note is
transferred to shares, which happens March 5 at the latest.
Tan demurred when asked about GIC's holding in U.S.-based
Citigroup.
-By Katharina Bart, Dow Jones Newswires; +41 43 443 8043;
katharina.bart@dowjones.com
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