02 Aug '13, 2am

#Asia ▪ Singapore wealth fund: Western banks are healing: Singapore wealth fund GIC said it believes the weste...

#Asia ▪ Singapore wealth fund: Western banks are healing: Singapore wealth fund GIC said it believes the weste...

Singapore sovereign wealth fund GIC, the single biggest shareholder of UBS, said it believes the western banking industry is healing and it has the capacity to invest more in the financial sector. GIC Private, which holds a 6.45 percent stake in UBS along with a minority stake in Citigroup , said both banks have seen an improvement in their profits and it is happy with the shift the banks have made to their business models. "Both banks have announced quite a number of changes to their strategies, the mix of businesses, so we clearly have looked at them and have discussed with the management," said GIC Chief Investment Officer Lim Chow Kiat. (Read more : Singapore Wealth Fund Size Soars to Record High ) "We are happy with these changes and we remain confident that they can be executed," he added in a briefing ahead of the release of GIC's annual report on Friday. Asked if t...

Full article: http://www.cnbc.com/id/100933913

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