Allen & Overy Steers CFG Bank’s Capital Boost with Strategic IPO
Allen & Overy (A&O) provided counsel to CFG Bank (CFG) as the issuer embarked on its initial public offering (IPO) on the Casablanca Stock Exchange (CSE). CFG anticipates raising approximately MAD600 million through the issuance of new shares at MAD 110 each on the CSE’s main market. This marks the solitary IPO on the Moroccan market for the 2023 fiscal year and stands as the first bank listing on the CSE since 2004.
Scheduled to commence on November 30, 2023, and conclude on December 7, 2023, the IPO positions CFG to fortify its capital foundation, bolstering its growth initiatives within the banking and financial services sector. As a leading private bank in Morocco, CFG provides a diverse array of products and services to corporate, institutional, and individual clients.
The A&O team in Casablanca was led by partner Hicham Naciri (pictured) and with the support of senior associates Lamya Kerroumi and Zineb El Kouhen.
