Aabar Looks to Refinance Stake in UniCredit

Aabar Investments PJSC, owned by International Petroleum Investment Company (IPIC), is hoping to refinance their stake in UniCredit SpA. The position is valued at US$ 2.2 billion. Aabar is the largest shareholder in Italian banking giant UniCredit, clearing over 5%. In 2010, Aabar acquired a 4.99% stake in UniCredit, ownership moved to 6.5% post-2012 rights issue. In 2011, IPIC had a writedown on Aabar’s stake in UniCredit.

Aabar is having discussions with a number of banks including: Bank of America, Deutsche Bank, HSBC and BNP Paribas.

Aabar’s RHB Investment

In late October, Aabar demanded a sizable premium for its minority interest in RHB Capital Bhd, Malaysia’s fourth largest bank. Aabar controls 21% of RHB. A merger plan is in place to combine RHB, CIMB Group Holdings and Malaysia Building Society Bhd.

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