Cairo Bank and Beltone Investment Fund Management Company, a subsidiary of Beltone Holding Company, one of the fastest growing financial institutions, signed a contract to form and manage an external portfolio, which will contribute to diversifying the bank’s investment portfolio, and strongly enhance its presence in the stock market and achieve the highest investment return, paving the way for continued success and growth in the coming years.
Commenting on this step, Abdel Hamid Mortagy, Head of Investment Sector at Cairo Bank, said that contracting with Beltone Investment Fund Management Company comes within the framework of the bank’s keenness to cooperate with the company and benefit from its expertise in the field of asset and securities management as one of the leading companies in providing financial services, and diversifying the bank’s investment portfolio, represented in establishing and forming internal and external portfolios, which will return to the bank to achieve new and diverse investment returns in light of the strong performance of the stock exchange during the current period.
He added that this step comes in line with the renewal of the management contract of the “Cairo Bank Second Liquidity Fund with Daily Cumulative Return” for the fifteenth consecutive year, which has witnessed exceptional growth since its establishment in July 2009, as its size doubled to reach nearly 5 billion pounds during the year 2023 alone and achieved a distinguished compound annual return of about 22% during the first half of 2024, which is one of the distinguished returns that the fund has continuously provided to Cairo Bank clients over the years and attracted a client base exceeding 10,000 clients, which enhances the strong ties between the bank and Beltone Investment Fund Management Company.
Khalil Al-Bawab, Head of Markets Sector at Beltone Holding, expressed his happiness saying: “We are pleased to expand our long-standing relationship and develop the partnership with Banque du Caire, to include managing and forming the bank’s investment portfolio in addition to renewing the fund management contract that has been in place for fifteen years.
We are pleased to continue our cooperation with Banque du Caire, one of the oldest financial institutions operating in Egypt and Africa.
Khalil added that Beltone Fund Management is proud to be the largest independent fund and investment portfolio manager in Egypt, a position that the company has achieved through the dedication of its team to serve its partners and provide the best investment services by the best administrative and investment cadres in the Egyptian market and the region.
Dalia Shafik, CEO and Managing Director of Beltone Fund Management, also expressed her gratitude for the historical and long-standing partnership with Banque du Caire as a well-established banking institution with a wide network of clients throughout Egypt. She added that Banque du Caire plays a pivotal role in the success of the fund by providing the necessary support to clients and its branch network spread throughout the republic, which has resulted in the existence of Nearly 10,000 clients invest in the fund, and she added that the company is confident that our strategic cooperation will continue to flourish, concluding that the return of a giant entity with the status of Cairo Bank to the stock market again is a good addition to the Egyptian Stock Exchange and financial markets in general.
