2023-11-25 17:00:00
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MOROCCO – CFG Bank, a leading multi-business investment bank in Morocco, has obtained authorization from the Moroccan Capital Market Authority (AMMC) to carry out an initial public offering on the Casablanca Stock Exchange market . The bank’s objective is to raise 600 million dirhams by offering shares at a price of 110 dirhams each.
The share subscription period is expected to open from November 30 to December 7, 2023, as part of a strategic initiative to increase the bank’s share capital. This initiative comes as Morocco continues its efforts to strengthen stock market capitalization in line with the country’s development model, aiming for a significant increase by the time of Morocco’s bicentenary.
Founded in 1992 by Douiri and Alami, as well as institutional investors, CFG Bank has established itself as a leading banking institution, focused on providing quality services. The upcoming IPO marks a turning point in the bank’s growth strategy, which seeks to expand its balance sheet and strengthen 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 IPO by Akdital, indicating a period of increased activity on the Casablanca Stock Exchange.
CFG Finance is among the financial advisors facilitating this IPO, providing advice and making shares accessible to clients and employees interested in investing. This public offering represents an opportunity for individual and institutional investors to be part of CFG Bank’s journey towards future development and success in Morocco’s dynamic banking sector.
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