UPDATE 1-Sharjah government to take stake in struggling Invest Bank | Reuters:
The government of the United Arab Emirate of Sharjah will take a majority stake in struggling Invest Bank, the lender said on Friday, in a move it said would help ensure its future growth.
Invest, one of the smaller banks in the UAE, has been hit by recent high levels of bad loans, partly due to its exposure to the troubled real estate and construction market.
The lender, currently 15.5 percent owned by Sharjah-based International Private Group, said its board of directors will recommend a capital injection by the Sharjah government which will make it a majority strategic investor in the lender.
No comments:
Post a Comment