Suez Canal Bank to launch EGP 250 mln money market fund by mid-July

Egypt’s Suez Canal Bank plans to launch its first money market fund with 250 million Egyptian pounds ($15.5 million) in capital by mid July.

CI Capital Asset Management, a subsidiary of CI Capital Holding for Financial Investments (CICH), will manage the fund.

The fund will offer daily subscriptions in short and medium-term financial instruments, including bonds, treasury bills, bank deposits, and savings certificates with a cumulative daily return on the invested funds, Amr Abu El-Enin, managing director of CI Capital Holding, told Amwal Al Ghad.

The new fund comes as part of the bank’s strategy to diversify its portfolio of products and services offered to its current and targeted corporate and individual clients.

Suez Canal Bank’s fund is planned to augment the base of managed assets which is amounting to 9.3 billion pounds.

The fund follows an investment policy aimed at maximising the return, while preserving the invested funds so they can easily be liquidated. This would take into account the reduction of investment risks, through the distribution of investments.