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GIC says intends to hold Citi, UBS stakes for long term-reports
January 31, 2011 / 12:19 AM / 7 years ago

GIC says intends to hold Citi, UBS stakes for long term-reports

SINGAPORE, Jan 31 (Reuters) - Singapore’s GIC , the biggest shareholder in Citigroup and UBS , intends to hold its stakes in the two banks for the long term and will sell only if it gets a very attractive offer, executive director Tony Tan said over the weekend.

GIC, or Government of Singapore Investment Corp, also saw investment opportunities in the United States and Europe as asset prices have come down significantly, Tan said in interviews with the Straits Times and Bloomberg in the Swiss town of Davos.

GIC, which manages over $200 billion according to most analyst estimates, bought stakes in Citi and UBS during the financial crisis. It has since sold about half its stake in the U.S. lender. (Reporting by Kevin Lim; Editing by Lincoln Feast)

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