Morocco’s capital market regulator AMMC gave its approval for the listing of merchant bank CFG Bank on the Casablanca Stock Exchange. Under this IPO, CFG aspires to raise 600 million dirhams at a price share of 110 dirhams, with the subscription period running from November 30 to December 7. CFG Bank is also the first bank to issue an IPO since 2004. In 2022, CFG Bank had a net banking income of 500 million dirhams, up 25% and a net profit of 54 million dirhams, up 73%. 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.

Source: The North Africa Journal November 26, 2023 03:01 UTC