Individuals
Businesses
Company
Intelligence
News
African Capital Markets
EnglishEnglish
share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram

Morocco's CFG Bank gets regulatory approval for IPO in Casablanca

Daba Finance/Morocco's CFG Bank gets regulatory approval for IPO
AFRICAN STOCKS AND FINANCENovember 26, 2023 at 6:47 PM UTC

CFG Bank has received regulatory approval for its initial public offering (IPO) on the Casablanca Stock Exchange. The IPO will involve a share capital increase reserved for the public, with a total amount of 600 million Dirhams ($60 million).

As a pioneer in investment banking in Morocco, CFG was founded in 1992 by Adil Douiri, Amyn Alami, and Moroccan and foreign institutional investors. Over the years, CFG Bank has become a prominent independent, multi-business investment bank in Morocco, securing a strong position in various market segments and earning a reputable status.

The subscription period for the IPO is set to take place from Thursday, November 30, 2023, to Thursday, December 7, 2023. The share price has been established at 110 MAD. CFG Bank shares will be available for purchase at all bank branches and brokerage firms, facilitating accessibility for potential investors.

Key Takeaways

CFG Bank's upcoming initial public offering (IPO) is aimed at fortifying its equity capital, providing crucial support for the accelerated expansion of its balance sheet. The IPO also seeks to enhance the bank's reputation and strengthen its ties with partners and the general public. Additionally, the move aims to involve employees and customers in CFG Bank's future growth by opening up its capital. This marks the first IPO in Casablanca since November 2022 when clinic operator Akdital went public. CFG Bank is also the first bank to issue an IPO since 2004. Morocco’s three biggest banks are all listed on the stock exchange. The stock exchange has launched a charm offensive to encourage more IPOs in line with its goal to increase listed companies to 300 and attract more foreign investors to represent 25% of all transactions. The goal is part of directives under Morocco’s new development model which also aims at increasing the stock exchange market capitalization from 50% to 70% by 2035.

CFG Bank
Morocco
Banking
Financial Services
Casablanca Stock Exchange
Finance
Stocks
Investments
IPO

Think someone else should see this?

share on twittershare on linkedinshare on facebookshare to whatsapp
share on mail
share on instagram
Stay informed with our newsletters read by 25,000+ professionals worldwide
Newsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companiesNewsletter companies

Next Frontier

Stay up to date on major news and events in African markets. Delivered weekly.

Pulse54

UDeep-dives into what’s old and new in Africa’s investment landscape. Delivered twice monthly.

Events

Sign up to stay informed about our regular webinars, product launches, and exhibitions.

+25k investors have already subscribed

To invest in this opportunity and other opportunities across Africa

Download the daba finance app on your mobile through
appstore iconappstore icon
Phone Image

Take action.

Download app

Start investing in Africa’s best opportunities, including stocks, bonds, startups, venture funds, and more.

Partner with us

Unlock exciting business opportunities and growth potential.

Join Daba

Become a part of our vibrant community and enjoy exclusive benefits.

Contact us

Reach out to us for inquiries, support, or collaboration.
For Investor
StrategiesPortfolio ManagementAfrican Capital MarketsNews
Daba Pro Intelligence
For Capital Seekers
For StartupsFor Fund ManagersFor Private CompaniesFor Lenders
For Partners
Commercial BanksBroker DealersAsset ManagersInvestment BanksInvestment Advisors and ConsultantsLenders and Microfinance
Company
About UsMarket UpdatesEventsBlog and PodcastNewsletterCase StudiesAffiliate ProgramInvesting GlossaryOfficial ContactsTrust, Compliance and SecurityFrequently Asked Questions

Terms & ConditionsPrivacy Policy
EnglishEnglish

Owned by Daba Markets Inc. By using this site, you accept our Terms and Conditions and Privacy Policy. © 2024 All rights reserved. 2025 All rights reserved