The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Singapore: UBS bailout will make GIC biggest shareholder

Pays SFr10 billion for a 9% stake in the Swiss bank.

More on sovereign wealth funds

Tony Tan Keng Yam, GIC

Tony Tan Keng Yam, GIC: usually takes small stakes

You will have heard Singapore referred to as the Switzerland of Asia. There’s the emphasis on private banking; the willingness to protect the privacy of the client; even the whole gleaming cleanliness of the place. But now Singapore has overhauled the comparison, and perhaps changed its direction, by becoming the biggest shareholder in Switzerland’s most powerful bank. The Government of Singapore Investment Corporation, known as GIC, is one of two large sovereign wealth funds that invest on behalf of the Singapore state, the other being Temasek. It manages "well over $100 billion" in foreign reserves, according to GIC itself (that’s as specific as it gets; Standard Chartered reckons it’s $215 billion, Morgan Stanley $330 billion) through eight offices worldwide, invested in all the main asset classes. And in December it made its most high profile investment yet, when it put in SFr11 billion ($9.54 billion) of a SFr13 billion capital injection into UBS through a convertible note issue that will eventually give GIC around a 9% stake in the Swiss bank (the other SFr2 billion is from an unnamed Middle Eastern investor).

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree