Invest Bank shareholders approve Sharjah's majority stake - sources - Reuters:
Shareholders of Sharjah-based Invest Bank have approved a proposal to let the government of Sharjah own more than a 50 percent stake in the bank, sources familiar with the matter said.
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.
The shareholders also approved a proposal to allow the bank to merge with one or more than one bank without a vote, they said.
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