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Allen & Overy advises CFG Bank on its IPO

Allen & Overy advised CFG Bank (CFG) as issuer’s counsel on its initial public offering (IPO) on the Casablanca Stock Exchange (CSE). CFG will raise approximately MAD600 million by issuing new shares at MAD 110 each on the main market of the CSE. This is the sole IPO on the Moroccan market for the 2023 fiscal year and the first listing of a bank on the CSE since 2004.

The IPO, which will launch on 30 November 2023 and is expected to close on 7 December 2023, will enable CFG to strengthen its capital base and support its growth strategy in the banking and financial services sector. CFG is a leading private bank in Morocco, offering a range of products and services to corporate, institutional and individual clients.

The A&O team in Casablanca was led by partner Hicham Naciri and with the support of senior associates Lamya Kerroumi and Zineb El Kouhen.