GIC slashes stakes in UBS to 2.7%

It previously owned 5.1% of the Swiss Bank.

Bloomberg reported that UBS Group AG’s largest shareholder, Singapore’s sovereign fund GIC Pte, is slashing its ownership in the Swiss bank by offering a 2.4% stake worth about $1.6b.

“Conditions have changed fundamentally since GIC invested in UBS in February 2008, as have UBS’ strategy and business,” GIC Chief Executive Officer Lim Chow Kiat said early Tuesday in a statement. “It makes sense now for GIC to reduce its ownership of UBS and to redeploy these resources elsewhere,” Lim said. GIC is “disappointed” that it lost money on the investment, according to the statement.

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