UAE central bank says to support Invest Bank with all available liquidity facilities

The central bank of the United Arab Emirates (UAE) said it stood ready to extend “all the available liquidity facilities” to struggling Invest Bank .

The central bank said in a statement it had been working with the bank and the government of Sharjah to develop a plan to strengthen the lender’s capital base.

Invest Bank is based in Sharjah, one of the seven members of the UAE federation. It has been hit by recent high levels of bad loans, partly due to its exposure to the troubled real estate and construction market.

The bank’s board of directors on Friday said it would recommend to its shareholders the injection of capital by the Sharjah government as a majority strategic investor in the bank.

The UAE central bank said it would “support Invest Bank with all the available liquidity facilities, which remain at Invest Bank’s disposal; if, and when, needed.” (Reporting by Maher Chmaytelli; Editing by Mark Potter)

 

Re-disseminated by The Asian Banker Reuters Reuters

Diary of Activities
The Future of Finance West Africa 2019
23 - 25 April 2019 | Nigeria
Wealth & Society West Africa 2019
25 April 2019 | Nigeria
Thailand Innovation Study Tour 2019
27 - 29 May 2019 | Thailand
The Future of Finance Summit, 2019
29 - 31 May 2019 | Thailand
Digital Finance Leadership Programme 2019
29 July - 02 August 2019 | United Kingdom