ICEC

Misr Iran Eyes EGP One Billion Increase in Deposits Portfolio By 2012

Misr Iran Bank aims at increasing its deposits portfolio by EGP one billion to reach EGP 6.5 billion this fiscal year through offering competitive interest-rate products, Amr Tantawy, head of retail banking at Misr Iran Bank, told Amwal Al Ghad.

The Bank’s deposits portfolio retreated by EGP 500 million registering EGP 5.5 billion in the first quarter of the current FY, compared with EGP 6 billion at the end of 2011.

Amr Tantawy said that the Bank offered two investment certificates at the end 2011; namely a 5-year “Wealth” certificate and 10-year “Ambition” certificate. Both certificates have regular fixed return (3 months, 6 months, or annually) with an interest rate of 10.5% and a cumulative return each 5 years in value to the original price of the certificate besides a 61% return while the 10-year cumulative return value is the original price of the certificate besides a 71% return.

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