GIC cuts Citi stake

singapore

The Government of Singapore Investment Corporation (GIC), a sovereign wealth fund, has cut its holding in Citigroup, a bank, to less than 5%, it announced Tuesday.

The fund said it had reduced its holding to below 5% after a conversion of its $6.88 billion-worth of preferred stock into common stock earlier this month resulted in the fund having a stake of more than 9%.

A stake of less than 5%, the fund said, "reflects GIC's goals and desire to be a portfolio investor."

The fund agreed back in Fe

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