Amethis exits Morocco's CFG Bank

Private equity firm Amethis has announced its exit from Morocco’s CFG Bank.

In 2018, Amethis invested in CFG Bank to accompany its new phase of development as well as the expansion of its commercial banking activity.

The majority of the shares held by Amethis were sold to CFG Bank’s current shareholders.

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 Moroccan 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.

Souad Benbachir and Younes Benjelloun, general managers of CFG Bank, said: ”Amethis’ entry into CFG Bank’s capital came at a crucial period of our development, allowing us to benefit from 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.”