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Temasek, GIC Reduce Stakes In ICICI - Report

Vanessa Doctor

27 October 2009

Temasek, the Singapore state investor, and the Government of Singapore Investment Corp have trimmed their stakes in India's ICICI Bank, Reuters reports.

Temasek, which previously owned a 7.6 per cent interest in the bank, has reduced its holding to 5.76 per cent, while GIC cut its stake from 1.66 per cent to 1.53 per cent, the news service said, citing data from the Bombay Stock Exchange.

The decision is part of Temasek's ongoing portfolio rebalancing strategy. The company has been reducing its exposure to financial firms after suffering a $4 billion loss from its investments in Barclays and Merrill Lynch last year.