The Suez Canal Bank closed subscription to its investment fund “Daily Suez” after only eight days of the bank’s offering.
The oversubscribed offering raised about EGP 338.7m, representing 136% of the targeted capital of EGP 250m, so the allocation of shares will be made according to each subscriber’s contribution.
The Suez Canal Bank said, in a Thursday statement, that this success reflects a message of trust among investors of the steps followed by the Bank and the investment manager, CI Capital Asset Management. It also increases the confidence of clients at the Suez Canal Bank as a commercial bank of great value in the Egyptian economy, where the bank offers a diverse and integrated package of financial, banking, and investment services and products.
The Daily Suez cash fund is the first of its type to activate the electronic subscription/purchase and refund feature through the bank’s website.
Hussein Refaei, Chairperson and Managing Director of the Suez Canal Bank, said the launch of the fund comes in the context of the strategic direction of the bank’s management, which aims to expand non-banking financial services, and keep pace with the ongoing developments in this area.
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