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CDG Transfers 1.8 Million CIH Bank Shares to Massira Capital – Ownership Structure Remains Unchanged
On July 14, 2026, the Caisse de Dépôt et de Gestion (CDG) sold its entire direct holding of 1,815,738 CIH Bank shares in a block trade at 354 MAD per share. The sale reduces CDG’s direct participation to zero, but its indirect stake, held through Massira Capital Management, rises to 55.15% of the bank’s equity, keeping the group’s overall exposure unchanged. CDG has announced that it will suspend any further sales of CIH Bank shares and will continue to sit on the bank’s board, signalling a long‑term strategic commitment. The transaction is essentially an internal reshuffle: CDG’s direct line (previously 5.10% of capital) is transferred to its subsidiary, consolidating ownership under Massira Capital Management. This maneuver does not affect the bank’s capital structure or its relationship with its principal shareholder.
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Background
The Caisse de Dépôt et de Gestion (CDG) has historically held a two‑tier stake in CIH Bank: a direct holding of 5.10 % and a larger indirect holding through its dedicated subsidiary, Massira Capital Management, which owned roughly 50 % of the bank.
The Block Trade on 14 July 2026
On 14 July 2026, CDG completed a block trade of 1,815,738 shares of CIH Bank at a price of 354 MAD per share. The transaction wiped out the direct line “CDG EP,” bringing it from 5.10 % down to 0 % and triggering the regulatory threshold‑crossing rule for holdings below 5 %.
Resulting Ownership Structure
Rather than a withdrawal, the deal simply moved the ownership from the direct line to the indirect line. Massira Capital Management, the CDG‑controlled vehicle, now holds 19,636,157 shares, representing 55.15 % of CIH Bank’s equity. The group’s total exposure to the bank remains unchanged.
Implications
The internal transfer consolidates all of CDG’s stake under a single holding company, simplifying governance while preserving the strategic influence of the sovereign investor. No change in voting rights or capital structure is introduced, and the move has no immediate effect on the bank’s market valuation.
Future Outlook
CDG has publicly announced that it will halt any further sales of CIH Bank shares for the next six months. It will continue to sit on the bank’s board, reaffirming its long‑term commitment to the institution’s growth and stability.