Singapore GIC makes $1.6bn gain in Citigroup investment

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SINGAPORE - The Government of Singapore Investment Corp. (GIC) yesterday said it made a US$1.6bn profit on its $6.88bn investment in troubled bank Citigroup.

The news came as the sovereign wealth fund announced it had reduced it's holding in Citigroup to 5% from 9%. In an announcement yesterday, the GIC said it had exchanged its holdings of convertib...

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