AUB Officially Requests EFSA’s Approval On Alpha Fund Next Week

Ahli United Bank (AUB) prepared final documents of “Alpha” investment fund to be sent to Egyptian Financial Supervisory Authority (EFSA) next week for final approval. The fund, expected to be launched after presidential election, invests in securities with capital of EGP 25 million and is managed by Cairo Holding for Financial Investments, sources told Amwal Al Ghad.

It is notable that the bank’s Wealth Fund was ranked as best performing last April, up from the fourth position among a list of 22 funds operating in the market. The return on the fund rose by more than 10% annually.

Subscription in the fund reached EGP 220 million as it is investing in fixed-income instruments and is also managed by Cairo Holding for Financial Investments.

Sources expected banks to expand in offering investment funds that invest in fixed-income instruments such as treasury bills and bonds in the upcoming period after the return on these instruments exceeded 15%.

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