GIC switches to shorter name

PHOTO: GIC switches to shorter name

SINGAPORE - The Government of Singapore Investment Corporation has officially shortened its name to GIC Private Limited, the investment company said on Tuesday.

It was previously known as the "Government of Singapore Investment Corporation Private Limited".

This "formalises the widely used brand name of 'GIC' in the global investment community and markets that GIC operates in", the investment firm noted in a statement.

"The operations of the company remain unchanged and the name change does not affect the identity of the company or its rights or obligations," it added.

CIMB regional economist Song Seng Wun said that the name change was a practical move.

"The previous name was a bit of a mouthful. Everybody knows what it stands for now, so it's just simplified to what many people are now familiar with," he said.

He added that the shortening of company names is commonly practised once companies are better known by their acronyms.

For instance, DBS Bank was previously known as The Development Bank of Singapore, while CIMB used to be called Commerce International Merchant Bankers.

Founded in 1981, GIC manages more than US$100 billion of the nation's reserves.

It is the eighth-largest state fund globally, with an estimated US$247.5 billion (S$312 billion) of assets under management, according to the United States-based Sovereign Wealth Fund Institute.

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