Aug 1 (Reuters) - Singapore sovereign wealth fund GIC has appointed S. Dhanabalan, former chairman of Temasek Holdings, as a board member.

Dhanabalan retired as chairman of Temasek a year ago after serving the state investor for 17 years. He previously served on the GIC board from 1981 to 2005.

GIC ranks as the world's eighth largest fund with $320 billion worth of assets, according to the Sovereign Wealth Fund Institute.