GIC cuts Citi stake
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
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