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Intesa Sanpaolo says to recoup loan after Rosneft stake sale
September 8, 2017 / 2:17 PM / 16 days ago

Intesa Sanpaolo says to recoup loan after Rosneft stake sale

FILE PHOTO: The Intesa Sanpaolo logo is seen in Milan, Italy, January 18, 2016. REUTERS/Stefano Rellandini/File Photo

MILAN (Reuters) - Italian bank Intesa Sanpaolo will recoup a 5.2 billion euros ($6.3 billion) loan as a result of Chinese conglomerate CEFC’s acquisition of a 14.16 percent stake in Russian oil major Rosneft, the lender said on Friday.

Intesa had extended the loan to help commodities trader Glencore (GLEN.L) and the Qatar Investment Authority buy a 19.5 percent stake in Rosneft. Glencore and QIA sold most of that stake to CEFC for $9.1 billion in a deal unveiled earlier on Friday.

“Following the sale of 14.16 percent of the Rosneft stake held by the QIA-Glencore consortium to the CEFC fund, the funding granted by Intesa Sanpaolo to the consortium, of the amount of 5.2 billion euros, will be fully reimbursed,” a spokesman for the bank said in an emailed statement.

($1 = 0.8313 euros)

Reporting by Stephen Jewkes; Editing by Mark Bendeich

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