04:16 PM
Sunday, January 22, 2023
I wrote – Manal Al-Masry:
Mahmoud Montaser, head of the Investor Protection Fund, said that the fund intends to apply to the Financial Control Authority to obtain a license to manage securities with a value ranging between 300 and 400 million pounds by assigning its management to a company.
Montaser, who was chosen to head the fund during the past year, explained to Masrawy that the aim of obtaining a license to manage a securities portfolio is to maximize the benefit from the fund’s revenues that come from companies’ subscriptions.
The Investor Protection Fund was established 19 years ago, specifically in 2004. It is a private legal entity, not a joint stock company, and has a legal personality and an independent financial liability. settle their operations.
The Investor Protection Fund intervenes, according to the Egyptian Stock Exchange (Souq Al-Mal) website, when brokerage firms are unable to fulfill their obligations to the investor, and after requesting them and the Financial Supervisory Authority authorizing the fund to start the compensation program, the fund begins to intervene to protect and compensate the investor according to the established compensation system.
Mahmoud Montaser, who has 40 years of banking experience, held the position of CEO of the National Investment Bank from 2017 until mid-2021, and before that he held the position of Vice Chairman of the Board of Directors of the National Bank of Egypt.
Montaser, during his work at the National Investment Bank, contributed to making troubled settlements on government agencies and companies, which helped the bank recover part of its dues.
Muntaser also contributed, with his long experience in corporate credit, to banks, in providing hundreds of billions in financing during his work at the National Bank of Egypt to finance development projects, private, governmental, and small and medium companies.
