Sharjah takes over Invest Bank in Dh1.12 billion deal

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The Sharjah government has acquired a majority stake of 50.07 per cent in the struggling Invest Bank for Dh1.12 billion and appointed a new chairman. The bank's shareholders also passed a special resolution to increase the bank's share capital for all shareholders to be underwritten by the Sharjah government up to a certain amount with details and timings to be decided later. Citing sources, newswires have reported that the Sharjah government was weighing a merger of Invest Bank with Bank of Sharjah and United Arab Bank.


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