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Sharjah Image Credit: File photo

Dubai: Shareholders of Sharjah-based Invest Bank have approved a proposal to let the government of Sharjah own more than a 50 per cent 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.

The sources, including shareholders attending the meeting in Sharjah, declined to be identified.

The shareholder meeting also approved an increase in share capital of the bank.