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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

GIC wants to keep preferred stock

Posted on 24 February 2009

From WSJ: A major Singaporean investor in Citigroup Inc. doesn’t currently plan to convert its preferred shares into common stock as part of a potential U.S. government effort to help the ailing bank, according to people familiar with the matter.

But Government of Singapore Investment Corp., a sovereign-wealth fund that has seen the value of its initial US$6.88 billion investment in Citigroup plunge in recent months, could face a dilemma if the bank reaches an agreement with U.S. officials that includes a greater government role….. Full Article: Source


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