GIC could get 9% UBS stake from $9.8 billion loan

The Government of Singapore Investment Corporation (GIC), a sovereign wealth fund, on Monday said that its Sfr11 billion ($9.8 billion) investment in UBS, the bank, could lead to it acquiring as much as a 9% stake in the company.

The bank revealed on Monday that the GIC had bought Sfr 11 billion-worth of a Sfr 13 billion issue of mandatory convertible notes, which must be converted to ordinary shares two years after issuance. Tony Tan, the deputy chairman of the GIC, said on Monday that the S

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