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GIC still evaluating banks as investments

It also wants to make sure its current holdings can handle disruption, and in some cases, even benefit from it

Published Sun, Jul 9, 2017 · 09:50 PM

Singapore

GIC's move to pare its stake in Swiss private bank UBS Group - resulting in an estimated loss of some 4 billion Swiss francs (S$5.73 billion) - comes as the sovereign wealth fund continues to evaluate investment opportunities in the banking sector based on valuations, growth prospects, and the credit-risk management of institutions.

"There are such banks," said GIC's group chief investment officer, Jeffrey Jaensubhakij, in pointing to the investment opportunities in the sector.

"Selling down UBS doesn't mean that we have reduced necessarily our exposure …