Naeem comes under fire from EFSA, Banque Misr for ‘misleading’ ad for Banque Misr fund

Don’t believe what your aunties says on the family WhatsApp group — Banque Misr is not increasing interest rates on deposits to 26%. The confusion arose after billboards and online advertisements said a Naeem Holding-managed Banque Misr fund carries a 26% rate of return. Banque Misr Chairman Mohamed El Etreby told Al Shorouk the bank in no way guarantees that return, saying it is merely a target. He blames the advertising firm behind the campaign for the “false publicity” and reiterated that Banque Misr’s only role is to raise funds. El Etreby asked the advertising agency to withdraw the ad as well. The Egyptian Financial Supervisory Authority has demanded the ad be pulled, posting the image above to its official Facebook page and saying the ad violates regulations on marketing of financial products.