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20 May 2009

Singapore’s state investor to stick Citi, UBS

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The Government of Singapore Investment Corp (GIC) said on Tuesday it plans to continue holding its stakes in Citigroup (C.N) and UBS, reported 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.









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