Ahli United Bank's Wealth Fund, the Bank's first investment fund, registered a coverage rate of 220%. The Fund's initial public offering began on February 15th and ended on March 1st with an initial capital of EGP 100 million. The Wealth Fund invested in short-and-average term fixed income instruments achieving EGP 220 million. AUB is currently studying offering a second investment fund in the second quarter of the current fiscal year, which will invest in securities, with an initial capital of EGP 25 million, increasable during the IPO. AUB will hold a press conference tomorrow with the presence of Mervat Francis head of treasury, transactions chamber and international institutions and Ashraf Shabib, vice CEO of retail banking and private banking services, in which they will announce the results of the Fund's IPO. AUB Group achieved $310.6 million in net profit in 2011, an-all-time-high since the foundation of the Group in 2000, with a growth rate of 17% from 2010. AUB Group reached agreements in 2011 with international financial institutions and its subsidiary capital investment Fund in value to $ 290 million, including issuing priority convertible shares in value to $ 125 million, supporting Tier I capital, offering a 10-year secondary loan in value to $ 165 million, and supporting Tier II capital. It was agreed also with these institutions to increase the capital value in accordance with the solvency banking rules linked to the maturity dates of these facilities.
