Abu Dhabi's Aabar Investments PJSC said yesterday that it has taken a $328 million stake in the Brazilian unit of Spain's Banco Santander, as the sovereign wealth fund continues to diversify its assets.

Aabar is majority-owned by Abu Dhabi state fund International Petroleum Investment Co, or IPIC.

"We are delighted to have had the opportunity to invest in such a strong and successful entity," Aabar chairman Khadem Al Qubaisi said in a statement. "We hope to continue to strengthen and develop the existing relationship we have with Banco Santander and look forward to working with them in the future,” he said.

Earlier this month, Santander raised $8.1 billion with an initial public offering of shares in its Brazilian unit. The bank sold its shares in Brazil and to foreign investors in the US in the form of American depositary shares.

Santander owns stakes in wealth management firms including Cater Allen Private Bank, the UK firm.