Egypt’s Suez Canal Bank has announced the successful close to subscriptions to its new Daily Suez investment fund.
The cash fund raised EGP338.7 million (US$21 million) in the eight days of the subscription offering, representing 136% of the capital target of $15.69 million.
The fund is also the first investment product to use an electronic subscription/purchase and refund feature through the bank’s website.
According to a statement from the bank, investors’ interest in the fund reflected their trust in the bank and the fund’s investment manager, CI Capital Asset Management.
Suez Canal Bank chairman and managing director Hussein Refaei, added that the launch of the fund coincides with the bank’s ambition to expand its non-banking activities and keep pace with industry developments.
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