Global Finance Selects Banque Misr as the Best Provider of Money Market Funds for the Middle East 2008
As an important step and as a culmination of Banque Misr's efforts and its noticeable activities in the field of mutual funds management, Global Finance has selected Banque Misr as the Best Provider of Money Market Funds for the Middle East 2008.
This award is considered a reflection and confirmation of the bank's achievements in terms of having the highest rates of returns in mutual funds business in Egypt. This achievement is seen as the product of a highly qualified and effective investments management coupled with innovation and a high performance in customer service.
Banque Misr was established in 1920, by the Egyptian financial leader Mohamed Talaat Harb Pasha. It is the first purely Egyptian Bank, which later became the symbol of nationalism in the whole Middle East region. It acquired a large client base throughout approximately 460 branches and units in Egypt in addition to external banking branches in Paris and coexistence in foreign countries through Banque Misr Lebanon and Banque Misr Europe (located in Germany). It has also expanded into new markets such as UAE after its acquisition of Banque du Caire five branches there.
Banque Misr offers various products and services, whether corporate or retail, that meet all its customers' increasing demands. Furthermore, the bank contributes in establishing a number of vital projects that help to flourish the Egyptian community in several fields such as tourism, development, food security, spinning and weaving, transportation, financial institutions, oil, cinema and others. It is worth mentioning that Banque Misr has started a major restructuring program with an objective of increasing efficiency and paving the way towards more summits of success. Banque Misr has always supported the capabilities of the Egyptian economy and has aspired to further push the wheel of development.
Banque Misr Mutual Funds Center is considered one of the oldest and largest investment Mutual funds Center in Middle East. It was established in 1994, and currently manages eight mutual funds with more than USD 5.4 billion under management .Banque Misr has introduced in Egypt a wide diversified range of mutual fund types including money market funds, balanced funds, equity funds and capital guaranteed funds, which meet different clients' needs whether individuals or corporations, in line with market changes .
The "Youm b Youm" Fund is an innovative and unique product in the Egyptian market, denominated in Egyptian pounds (EGP), US dollars (USD) and Euros (€). The Fund is linked to an account and allows flexibility for investors, resulting in its being the leading money market fund in Egypt in terms of market share with assets under management about USD 4.3 billion. The Fund’s objective is to provide investors with daily liquidity while preserving capital and maximizing return. These objectives are achieved through diversifying its investments in secure, high-yielding short-term interest-bearing instruments.
The "Youm b Youm" Fund provides clients with ultimate flexibility catering to their needs, with accessibility to deposits and withdrawals at any time through 460 branches throughout Egypt, 444 ATMs, with no charges, as well as enabling the use of cheques for deposit and withdrawal. There are no restrictions on the investment duration and no maximum limit to deposits or balances. .
The "Youm b Youm" Fund is a one stop shop providing investors with accessibility, ultimate flexibility, highest cumulative daily interest rates, high liquidity and other required services for cash and investment accounts.