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Singapore to invest almost 10 billion dollars in troubled UBS-------- a big bang
Singapore to invest almost 10 billion dollars in troubled UBS
The Singapore government's investment arm announced Monday that it will inject almost 10 billion US dollars into Swiss bank UBS.
The Government of Singapore Investment Corporation (GIC) said it would inject 11 billion Swiss francs (9.74 billion US dollars) into UBS, which on Monday announced further writedowns of around 10 billion dollars (6.8 billion euros) due to the US subprime mortgage crisis.
GIC said an undisclosed strategic investor in the Middle east is injecting an additional two billion francs into the bank.
The Singapore government's investment arm announced Monday that it will inject almost 10 billion US dollars into Swiss bank UBS.
The Government of Singapore Investment Corporation (GIC) said it would inject 11 billion Swiss francs (9.74 billion US dollars) into UBS, which on Monday announced further writedowns of around 10 billion dollars (6.8 billion euros) due to the US subprime mortgage crisis.
GIC said an undisclosed strategic investor in the Middle east is injecting an additional two billion francs into the bank.
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