| Singapore sovereign fund GIC, which owns significant stakes in UBS and Citigroup , said its long-term view on the two banks has not changed despite the introduction of higher capital requirements that is likely to reduce future profitability of the banking industry.
"All global banks are likely to be affected to some extent by the new Basel III international capital rules," Ng Kok Song, the Government of Singapore Investment Corp or GIC's chief investment officer, was quoted as saying by the Business Times..............................................Full Article: Source
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