Banque Du Caire Mulls Launch of EGP100mn Mutual Fund Soon

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Banque Du Caire is studying launching mutual fund with EGP100million before the end of the current year.

Egyptian Investment Management Association (EIMA) Deputy Director General Mohamed Rajai said the mutual fund will be balanced fund to invest in stocks, bonds and fixed income instruments, explaining that the bank at the stage of selecting the fund manager.

Banque Du Caire has four mutual funds with EGP2.515billion total value, noting that the bank eyes expanding in launching mutual funds during the current period and the total value of investment portfolio’s profits up to EGP148million, Rajai noted.

The bank aimed launching new fund in the last month but the new regulation of mutual funds which launched by Egyptian General Supervisory Authority (EFSA) postponed the launch of fund, he said.

The bank’s investment portfolio reached up EGP1.1billion and it distributes between Investment in securities, stocks and bonds, in addition to mutual funds.

Banque Du Caire’s profits volume  are EGP1.7billion at the end of 2013 in compared to EGP1.4billion at the end of 2012 with 22.5% growth rate.