Abu Dhabi’s Aabar Investments has purchased €49.8 million (Dh230.3m) of convertible bonds in UniCredit, the Italian lender, as European banks seek capital to cope with the financial crisis.
The move comes as the financial meltdown in many banks in central and eastern Europe is creating opportunities for Gulf investors, say analysts.
UniCredit is the biggest lender in central and eastern Europe and its shares have fallen to 12-year lows partly due to investor concerns about its exposure to the region’s problems. The bank gets about a quarter of its revenues from eastern and central Europe, and a spokesman said yesterday it had no concerns about its operations in the region.
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