Singapore sovereign wealth fund GIC has cut its stake in Swiss bank UBS to 2.7 per cent from 5.1 per cent for a loss.
"GIC made the UBS sale despite the loss because conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS' strategy and business," said GIC chief executive Lim Chow Kiat.
UBS was one of two major investments GIC made in the financial sector in the 2008 global financial crisis. The other, an investment in Citigroup, has been profitable.
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