The Central Bank of Egypt recently gave the Housing and Development Bank the green light to set up its third investment fund with initial capital of LE 200 million.
The bank signed a contract with HC Asset Management in order to manage the new fund which is expected to be launched after EFSA’s approval, Al-Mal newspaper reported.
The bank owns two investment funds, namely Taameer and Mawared, which are managed by Prime Investments Fund Managers (PIFM), Al-Mal reported.
Two weeks ago, the bank submitted a request for EFSA approval for the subscription terms of the bank’s new investment fund which will invest its capital in bonds and stock listed in EGX, in addition to fixed income tools.
The new fund is expected to be named “HDB third fund.”