Banque du Caire has signed an agreement with Beltone Asset Management, a subsidiary of Beltone Financial, to establish and manage an external investment portfolio. This collaboration aims to diversify the bank’s investment portfolio, strengthen its presence in the financial markets, and achieve the highest possible investment returns, paving the way for continued success and growth in the coming years.
Abdelhamid Mortaja, Head of the Investment Sector at Banque du Caire, stated that the partnership with Beltone Asset Management aligns with the bank’s commitment to collaborate with industry leaders and leverage Beltone’s expertise in asset and securities management. Beltone is recognized as one of the leading companies in financial services, and this partnership will diversify the bank’s investment portfolio through the creation and management of both domestic and international portfolios. This, in turn, is expected to generate new and varied investment returns for the bank, especially given the strong performance of the stock market during this period.
Mortaja added that this step is consistent with the renewal of the management contract for Banque du Caire’s Second Investment Fund in EGP, which offers a cumulative daily return for the fifteenth consecutive year. The fund, which has experienced exceptional growth since its inception in July 2009, nearly doubled its size to reach around EGP 5bn in 2023 alone. The fund achieved a remarkable compounded annual return of approximately 22% during the first half of 2024, a standout performance that has consistently benefited Banque du Caire’s clients over the years and attracted a customer base exceeding 10,000 clients. This success further strengthens the close relationship between the bank and Beltone Asset Management.
Khalil El Bawab, Head of Markets at Beltone Financial, expressed his pleasure in expanding the long-standing relationship and partnership with Banque du Caire to include the management and creation of an investment portfolio for the bank, in addition to renewing the fund management contract that has spanned 15 years. He stated: “We are delighted to continue our collaboration with Banque du Caire, one of the oldest financial institutions operating in Egypt and Africa.”
El Bawab added that Beltone Asset Management takes pride in being the largest independent manager of funds and investment portfolios in Egypt, a position the company has achieved through the dedication of its team in serving partners and providing top-tier investment services with the best administrative and investment talent in the Egyptian market and the region.
Dalia Shafik, CEO and Managing Director of Beltone Asset Management, expressed her gratitude for the historic and ongoing partnership with Banque du Caire, a well-established banking institution with a wide customer network across Egypt.
She added that Banque du Caire plays a crucial role in the fund’s success by providing necessary support to clients through its extensive branch network across the country. This has resulted in nearly 10,000 clients investing in the fund.
Shafik concluded by expressing confidence that their strategic cooperation will continue to thrive. She emphasized that the return of a giant like Banque du Caire to the financial market is a positive addition to the Egyptian Exchange and financial markets in general.
