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Report: Emirate of Sharjah to inject cash into Invest Bank

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Report: Emirate of Sharjah to inject cash into Invest Bank

United Arab Emirates-based Invest Bank PSC will receive a capital injection from the emirate of Sharjah, as the lender struggles to deal with a pile of bad debt, Reuters reported Dec. 14.

The bank's board will recommend to shareholders that it approves the investment from Sharjah's government, but it did not reveal the amount on the table, according to the report.

"Invest Bank and the government of Sharjah consider that the latter’s injection of capital is the best option to enable the bank to continue to grow and prosper," the bank said.

Sharjah is one of seven emirates that constitute the U.A.E.