The Amethis team is pleased to announce its successful exit from the capital of CFG Bank (Morocco).
In 2018, Amethis invested in CFG Bank to accompany its new phase of development as well as the expansion of its commercial banking activity.
Nearly 5 years after its investment, Amethis' scheduled exit from CFG Bank's capital was successfully completed this week, in line with the invested fund's term. The majority of the shares held by Amethis were sold to CFG Bank's current shareholders, demonstrating their confidence in the bank's growth prospects.
A pioneer in investment banking since 1992, CFG Bank is today a universal bank offering a complete range of banking products and services through an innovative and unique approach in the Morocca banking landscape.
In 2015, CFG Bank launched its commercial banking business with the ambition of offering a simplified, enhanced and differentiated banking experience, combining the model of a traditional commercial bank with that of a digital bank. With the support of a limited network of state-of-the-art branches, cutting-edge technology enabling access to digital-intensive functionalities and high-quality customer service, CFG Bank has successfully launched an innovative hybrid model.
With the support of its shareholders and investment funds, including Amethis, CFG Bank has continued
to grow with the expansion of its branch network, the development of its technological infrastructure
and the consolidation of its operational teams.
Today, CFG Bank has a network of 17 branches and 86 intelligent ATMs, with outstanding loans of nearly MAD 7.3 bn and deposits of MAD 9.6 bn. CFG Bank has also strengthened its presence in its historical activities through the acquisition of REIM Partners, a leader in the management of rental real estate assets, which manages, among others, Aradei, with a portfolio of assets under management of more than MAD 4.5 billion.
Souad Benbachir and Younes Benjelloun, General Managers of CFG Bank, stated "Amethis' entry into CFG Bank's capital came at a crucial period of our development, allowing us to benefit from a first-rate support and expertise on the banking sector in Africa and in Morocco. We have found Amethis to be a high-quality investor, with expert, committed and supportive directors to accompany us through this growth phase."
Luc Rigouzzo and Laurent Demey, Managing Partners of Amethis, stated "This is a new achievement for Amethis in Morocco, which remains at the heart of our target and continues to demonstrate the quality of its private sector and the role that private equity funds can play. Accompanying and supporting CFG Bank in its transition to a universal banking model is an achievement of which we are proud. We wish its management team every success and congratulate them on all that has already been achieved.”
« Back to Member News
Adnane Zerhouni, Amethis partner covering North Africa, stated "We are very proud to have been able to support the emergence of a modern, digital bank that is now well established on the Moroccan market. With its innovative approach, CFG Bank contributes to the diversification of the banking offer in Morocco".