Plan to address accumulated losses by end of September

Staff Reporter

The Invest bank stated that the Sharjah government in its capacity as the main shareholder of the bank at a rate of 50.07 per cent has established a banking sector working team to conduct a diagnostic review of its main issues and seek long-term strategic solutions for its current problems in co-ordination with the Central Bank of the UAE.

In a disclosure to the Abu Dhabi Securities Exchange, the bank stated that this comes as part of the measures that will be taken to address the accumulated losses, which amounted to Dhs1.75 billion, accounting for 55 per cent of the capital by the end of Dec. 31, 2020.  A plan to address the accumulated losses is expected to be disclosed by the end of next September, the bank said, noting that it is committed to present the plan at a subsequent general assembly meeting for discussion and approval by a special decision.