SBI Holdings announced that SBIH and Fullerton Fund Management Company Ltd, a wholly-owned subsidiary of Temasek Holdings, a fund run by Singapore Government will collaborate to launch a new fund that will invest in the Asian (excluding Japanese) financial sector.
The initial commitment for the fund will be $60 million, with SBIH and Fullerton each contributing 50% of the commitment. The fund will primarily target listed financial institutions that are fundamentally undervalued, owing to the sell-off in the current global bear market that was initiated by the U.S. subprime mortgage problem.
SBIH will continue its globalization process through investments with prominent overseas partners in the emerging countries with expected rapid economic growth. Moreover, SBIH plans to continue the establishment of various businesses that will not be as affected by the volatility in the Japanese stock markets.
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