SINGAPORE, March 5 The Government of Singapore
Investment Corp (GIC) said on Friday it has converted its UBS
UBSN.VX notes into ordinary shares, chalking up a loss of
about 70 percent in the value of the stake it has in the Swiss
"GIC confirms the conversion," a spokeswoman for the
Singapore sovereign wealth fund said in response to Reuters'
GIC had invested 11 billion Swiss francs ($10.22 billion)
in mandatory convertible notes in UBS to support the Swiss bank
during the financial crisis. Its investment is now worth less
than half its original value. [ID:nSGE61A0CJ]
The loss is likely to draw fire from Singaporeans, who have
been highly critical of GIC's sister wealth fund Temasek
[TEM.UL] after it lost heavily betting on Western banks such as
Bank Of America-Merrill Lynch (BAC.N) and Barclays (BARC.L).
(Reporting by Kevin Lim, writing by Harry Suhartono, Editing by