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CFG Bank set for IPO on Casablanca Stock Exchange

EditorNikhilesh Pawar
Published 11/25/2023, 12:00 PM
© Reuters.

MOROCCO - CFG Bank, a leading multi-business investment bank in Morocco, has obtained authorization from the Moroccan Capital Market Authority (AMMC) to proceed with an initial public offering (IPO) on the Casablanca Stock Exchange. The bank is targeting to raise 600 million dirhams by offering shares at a price of 110 dirhams each.

The subscription period for shares is slated to open from November 30 to December 7, 2023, as part of a strategic initiative to increase the bank's share capital. This move comes as Morocco continues its efforts to boost market capitalization in line with the country’s development model, aiming for a significant increase by the time of Morocco’s bicentennial.

Founded in 1992 by Douiri and Alami, along with institutional investors, CFG Bank has established itself as a premier banking institution focused on delivering premium services. The upcoming IPO marks a pivotal moment in the bank's growth strategy, as it looks to expand its balance sheet and reinforce its position in the financial market.

Potential investors will have the opportunity to purchase shares through various channels including CFG Bank branches and brokerage firms. The bank's IPO follows another recent public offering by Akdital, indicating a period of heightened activity on the Casablanca Stock Exchange.

CFG Finance is among the financial advisors facilitating this IPO, providing guidance and making shares accessible for customers and employees interested in investing. This public offering represents an opportunity for both individual and institutional investors to be part of CFG Bank's journey towards further development and success in Morocco's dynamic banking sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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