GIC set to contribute to bank rescue fund

The Government of Singapore Investment Corporation, a sovereign wealth fund, could become the lead investor in a $6 billion fund set up to invest in troubled banks.

The Financial Times, a newspaper, reported on Thursday that the fund, one of two to operate in the jurisdiction, will give $2-3 billion to the fund, which TPG, a private equity firm, has created.

The newspaper also said that China's State Administration for Foreign Exchange, which manages the country's $1.5 trillion-worth of reser