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You would have all read the announcement by UBS about the
convertible note issue and GIC's participation in it. UBS' new capital
injection of Swiss Francs 13 billion is through an investment of Swiss
Francs 11 billion by GIC, and Swiss Francs 2 billion by an undisclosed
strategic investor in the Middle East.
GIC's preferred practice in respect of our public equity
investments is to take relatively small stakes in companies for portfolio
diversification. However, we made this significant investment in UBS
because we have confidence in the long-term growth potential of the
bank's businesses, particularly its global wealth management business.
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