28.09.2011 - Singapore Inc.’s bank bet losses pile up on UBS scandal
Government of Singapore Investment Corp. faces a 6.7 billion Swiss franc ($7.4 billion) loss as the biggest investor of UBS AG, topping unprofitable banking investments by the city’s sovereign wealth firms since 2007. GIC also has about $500 million of unrealized losses on its Citigroup Inc. stake, according to Bloomberg calculations. Temasek Holdings Pte, Singapore’s other state investment company, divested shares in Bank of America Corp. and Barclays Plc at losses more than two years ago..............................................Full Article: Source
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