Invest Bank shareholder meeting could set scene for another UAE bank merger: sources - Reuters:
Shareholders of Invest Bank will meet this week to approve a government bailout of the lender in a move that sources said could set the stage for another bank merger in the United Arab Emirates.
The government of Sharjah, the emirate where Invest Bank is based, stepped in late last year to promise to support the bank after it was hit by high levels of bad loans, partly due to its exposure to the troubled real estate and construction sectors.
Sharjah agreed to invest up to 1.9 billion dirhams ($517 million) in new shares of the struggling lender, one of the smaller banks in the UAE. Investors will finally vote on the plan on April 10, in a meeting originally set in early January.
No comments:
Post a Comment