Kuwait’s Burgan Bank’s Money Market based Financial Fund hit a an impressive three percent high above market rates towards the end of 2001, confirmed a press release.
“The Fund started very well in 2000 and by the end of October it had reached a month high of 6.93 percent with a return to date since launch date of 6.43 percent,” stated a representative of the bank.
The fund was designed to provide Kuwait's investors with safe and secure short-term investments yielding better returns than the three month Kuwaiti Dinar deposit rates. The Fund started two years ago with a start up capital of approximately $60 million and now it stands in excess of $390 million.
Burgan Bank Kuwait was recently transformed into Kuwait's Technology Bank. The Bank offers a full range of commercial, international and local retail financial services through its network of branches in Kuwait and it's correspondents around the world. It also offers high net worth clients special private banking services, covering wealth management, along with special account services. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
