EFG Hermes, CI Capital are now managing Nasser Social Bank’s securities portfolio

Egypt’s Nasser Social Bank (NSB) has signed contract with EFG Hermes and CI Capital Asset Management to manage its securities portfolio, according to NSB Managing Director and Vice Chairman Sherif Farouk.

Farouk announced the bank’s asset management contract  has been signed in  the framework of its  comprehensive restructuring plan, which includes investing in companies trading in the Egyptian Stock Exchange through companies registered with the Egyptian Investment Management Association.

The state-owned specialized bank has gone a long way in restructuring program which included branches, human resources and installing a strong IT system enabling the bank to implement all banking operations introduced by banks falling under the central bank.

It is worth mentioning that Nasser Social Bank (NSB) achieves 1.081bn Egyptian pounds profits in June 2019, compared to  736 million pounds in June 2018 with a growth rate of 47 percent.