Investing.com | Editor Nikhilesh Pawar
Published November 25, 2023, 12:00 PM ET
MOROCCO – CFG Bank, a leading multi-business investment bank in Morocco, has received approval from the Moroccan Capital Markets Authority (AMMC) to conduct an initial public offering (IPO) on the Casablanca Stock Exchange. The bank plans to raise 600 million dirhams by offering shares at 110 dirhams each.
The subscription period for shares is scheduled to run 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 increase market capitalization in line with the country’s development model, with the aim of achieving a significant increase by Morocco’s Bicentenary.
Founded in 1992 by Douiri and Alami along with institutional investors, CFG Bank has established itself as a leading banking institution focused on providing world-class services. The upcoming IPO marks a crucial moment in the bank’s growth strategy as it looks to expand its balance sheet and strengthen its position in the financial market.
Potential investors 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 from Akdital, signaling a period of increased activity on the Casablanca Stock Exchange.
CFG Finance is among the financial advisors supporting this IPO by providing advice and access to shares to clients and employees interested in investing. This public offering represents an opportunity for both retail and institutional investors to be part of CFG Bank’s journey towards further development and success in Morocco’s dynamic banking sector.
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Written by: Investing.com
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