Rabat – BMCI and CIH Bank announced they have concluded the transfer of BMCI Asset Management – a subsidiary specializing in investing in securities and other financial assets – to CIH Bank, a statement from the two banks indicates.
Published on Morocco’s capital market watchdog AMMC on Tuesday, the statement announces that following the acquisition the subsidiary will now be known as “CIH Capital Management.”
“In a context of transformation and driven by the desire to offer the best products to their clients and prospects in the market, BMCI, and CIH Bank announced on February 17, 2023, the conclusion of a strategic partnership agreement focusing on UCITS management activities,” the statement explains.
As of December 30, 2022, BMCI Asset Management managed 40 UCITS (Undertakings for Collective Investment in Transferable Securities), with a total assets’ value of MAD 7.9 billion ($797 million).
The agreement also covers a long-term partnership between BMCI and CIH BANK for the distribution of UCITS currently managed by BMCI Asset Management.
According to the joint statement, the two banks aim to position the new structure as a “key player in asset management in the Moroccan market, which holds significant growth potential.”
For CIH Bank, the acquisition of BMCI Asset Management “aligns with its strategy of offering innovative investment and savings products to its customers, in line with its digital DNA, and strengthening its position as a distributor of UCITS products in the Moroccan market, across all segments.”
The two parties first announced plans for the acquisition in mid-February.
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