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