“We remain a shareholder of Citibank. As with all our investments, we continue to manage our position based on our assessment of the fair value of Citigroup and other investment opportunities,” a GIC spokeswoman said in an email to Reuters on Tuesday.

The sovereign fund had reduced its stake in Citi to under 5 percent in 2009 from over 9 percent, but didn’t disclose subsequent holdings.

Reuters data on Monday showed GIC was not listed as among the top 50 Citi shareholders

UBS, the world’s biggest wealth manager, said separately on Monday GIC intended to place up to 93 million existing shares in UBS Group through a sale to institutional investors.

Shares of the Swiss bank closed 1.3 percent lower at 16.61 Swiss francs after the news, which unusually came during trading hours.

At the closing price, 93 million shares would be worth 1.54 billion Swiss francs ($1.55 billion).

GIC, owned by the government of Singapore, was one of the first sovereign funds to pump billions into Western banks, which were rocked by the financial crisis and suffered deep losses.

Singapore took a 9 percent stake in UBS in 2007 via an emergency capital injection when UBS unveiled $10 billion worth of subprime writedowns. UBS said at that time that GIC would invest 11 billion francs.

The sovereign fund converted its 11 billion franc investment in UBS notes into shares in 2010.

Lee Kuan Yew, Singapore’s first prime minister, who ruled the city-state for three decades and was formerly the chairman of GIC, said in 2009 that the sovereign fund had invested “too early” in global banks such as Citigroup and UBS. Lee died in 2015.

UBS’s website listing of major shareholders said that Singapore as the owner of GIC had held a stake of 7.07 percent as of December 2014.

GIC Private Limited and its associates have agreed to a 90-day lockup period for the remaining UBS shares, UBS said.

UBS Investment Bank is acting as placement agent on the sale.

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