April 30, 2008 / 3:37 AM / 11 years ago

Singapore's GIC has funds for more bank stakes- Bloomberg

SINGAPORE, April 30 (Reuters) - The Government of Singapore Investment Corp, one of the world’s biggest sovereign funds, may make new investments in banks in Europe and the United States, Bloomberg reported on Wednesday, citing the fund’s chairman.

“If there are other banks of the quality of the two that we bought into, with the promise and the capabilities and inherent capabilities to recover, we have got the liquidity to meet it, to make such an investment,” Bloomberg quoted GIC Chairman Lee Kuan Yew as saying in a television interview.

GIC has invested about $11 billion in beleaguered banks UBS AG UBSN.VX and Citigroup (C.N) in the wake of the credit crisis. Its sister fund, Temasek Holdings [TEM.UL], has invested $5 billion in Merrill Lynch MER.N.

Lee, 84, was independent Singapore’s first prime minister and is the father of Prime Minister Lee Hsien Loong. He still holds a post in his son’s cabinet. (Reporting by Kevin Lim; Editing by Jan Dahinten)

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