Reuters logo
Singapore's GIC says converts UBS notes into shares
March 5, 2010 / 12:32 AM / 8 years ago

Singapore's GIC says converts UBS notes into shares

SINGAPORE, March 5 (Reuters) - 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 bank.

“GIC confirms the conversion,” a spokeswoman for the Singapore sovereign wealth fund said in response to Reuters’ queries.

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 Valerie Lee)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below