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S'pore GIC to stick with investment in Citi, UBS

Mon May 18, 2009 11:29pm EDT

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SINGAPORE, May 19 (Reuters) - The Government of Singapore Investment Corp (GIC) said on Tuesday it plans to continue holding its stakes in Citigroup (C.N) and UBS (UBSN.VX).

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"GIC is a long-term investor and will continue with its investments in Citigroup and UBS," a GIC spokeswoman told Reuters.

Some analysts had expressed concerns GIC and other sovereign funds might follow in the footsteps of Temasek [TEM.UL], which sold off its 3 percent stake in Bank of America (BAC.N) in the first quarter to realise a hefty loss of at least $3 billion. (Reporting by Kevin Lim and Saeed Azhar; Editing by Neil Chatterjee)

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