(Ecofin Agency) - The bank’s listing will be done via an increase in share capital reserved for the public, up to a maximum of $58.4 million.

Moroccan bank CFG Bank initiated its IPO on the Casablanca Stock Exchange. The lender announced the move on October 16.

In a note to its shareholders, the bank informed that it would hold an Extraordinary General Meeting on November 16 to discuss and adopt a resolution concerning the listing "by way of an increase in share capital reserved for the public, up to a maximum amount of 600 million dirhams ($58.4 million)."

In detail, CFG will issue new shares with a par value of MAD 100 each, at a subscription price (including issue premium) ranging from MAD 500 to MAD 600 per share, according to the same source.

The notice published on the website of the Moroccan Capital Market Authority (AMMC) also states that the new shares will carry current dividend rights, so as to be fully assimilable to the company's existing shares as of January 1 of the year in which the said shares are issued.

Founded in 1992 by businessmen Adil Douiri and Amyn Alami, CFG Bank operated in the investment banking and private banking segments until 2012, when it was transformed into a universal bank.