August 26, 2008 / 4:32 AM / in 10 years

Singapore's Temasek says sees value in US, UK banks

SINGAPORE, Aug 26 (Reuters) - Singapore sovereign fund Temasek, which spent billions of dollars on shares in Merrill Lynch MER.N, sees value in banking stocks in the United States and Britain, a senior executive said on Tuesday.

“The financial service industry is one we believe in,” said Manish Kejriwal, Temasek’s senior managing director for investment, International and India, told journalists. “It’s a proxy to the economic growth.”

“We recently concentrated on U.S. and UK primarily because we see value.” (Reporting by Saeed Azhar and Kevin Lim; Editing by Jan Dahinten)

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