Egypt’s Royal Insurance Assigns Credit Agricole to Receive its Underwrite EGP50mn

The Deputy Managing Director Finance at Royal Insurance Company, Ahmed  Hosny said Royal has contracted with Credit Agricole bank in order to receive underwrites with EGP50 million mutual fund capital.

In statements to Amwal Al Ghad on Wednesday, Hosny added that his company decided to assign the management of the fund to Alpha Capital Markets plc to manage the mutual fund.

Royal’s General Assembly held in the last month over the approval of launching mutual fund and the measures of launching mutual fund in Egyptian Financial Supervisory Authority  (EFSA) have finalised.

The fund is aiming to provide secured investment and savings pot so as to offer Daily cash liquidity by calculating the daily cumulative return on the money invested in it.