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CDG Drops Below 5% Direct Stake in CIH Bank, Keeps Majority Control via Subsidiary
On July 14, 2026, the Caisse de Dépôt et de Gestion (CDG) sold 1,815,738 CIH Bank shares on the block market at a unit price of MAD 354, pushing its direct ownership below the 5 % threshold. While CDG no longer holds any shares directly, it still controls 55.15 % of CIH Bank through its subsidiary Massira Capital Management and plans to halt further sales for the next six months while remaining on the bank’s board.
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CDG Reduces Direct Holding in CIH Bank
On July 14, 2026, the Moroccan public investment fund Caisse de Dépôt et de Gestion (CDG) announced the sale of 1,815,738 shares of CIH Bank on the block market. Each share was sold at MAD 354 per unit, according to an official statement from the Moroccan Capital Market Authority (AMMC).
This transaction drove CDG’s direct ownership of CIH Bank below the legal 5 % threshold. As a result, CDG no longer holds any CIH Bank shares directly.
However, the fund continues to wield a controlling interest through its subsidiary Massira Capital Management, which holds 19,636,157 shares, representing 55.15 % of the bank’s share capital.
Looking ahead, CDG plans to pause any further sales of CIH Bank stock for the next six months. Despite the reduction in direct holdings, the fund intends to retain its seat on the bank’s board of directors.