The Government of Singapore Investment Corporation (GIC) became the largest shareholder in UBS last year when it converted notes it bought in the bank into ordinary shares at a conversion price of 47.7 Swiss francs (S$67.6) a share.

UBS shares closed at 9.75 Swiss francs the day the loss was announced. Given GIC’s original 11-billion Swiss franc investment in 2008 and the 2 billion Swiss francs it received in interest in the first two years, its paper loss was about 6 billion to 7 billion Swiss francs at Thursday’s price……………………………………….Full Article: Source