Singapore sells Citi stake
When the going is good, smart people en-cash their profits. That is precisely what is being done by Singapore Government Investment corporation, the sovereign wealth fund of the Singapore government. It sold nearly 1% of the Citigroup stake in the last few weeks and booked a neat 1.6 billion US dollars of profit from the deal.
The fund still holds around 4% equity in Citigroup which it may offload in the coming months, after considering various factors.
Is this a prelude to the bigger collapse that can happen to the US banking system in the near future ?