Abu Dhabi – Mubasher: Bank of Sharjah said Thursday that the board of directors approved fully acquiring Emirates Lebanon Bank after buying the remaining 20% stake, according to a bourse filing.
The board recommended setting up a Euro medium-term note program that will enable the bank to issue senior unsecured bond debts.
The annual general meeting gave the green light to this move on 30 April 2015, the bourse filing revealed.
The bank posted a 24.6% decrease year-on-year in its profits during the third quarter of 2016 to AED 92.33 million ($25.13 million) in Q3-16 from AED 122.38 million ($33.31 million).
