BMCI and CIH BANK announced the signing of their agreement for the sale to CIH BANK of BMCI Asset Management, a subsidiary specializing in UCITS management.
In a context of transformation and driven by the desire to offer the best offers to their customers and prospects on the market, BMCI and CIH BANK establish, on February 17, 2023, a strategic partnership agreement relating to the management activity of UCITS, says a joint press release.
Through this agreement, BMCI sells its asset management subsidiary BMCI Asset Management to CIH BANK. The transaction should be finalized in the first half of 2023 and remains subject to the fulfillment of the usual conditions precedent for this type of transaction, in particular obtaining the required regulatory authorizations.
As of December 30, 2022, BMCI Asset Management managed 40 UCITS, with total assets under management of MAD 7.966 billion. The sale is granted for a price of 70 million MAD.
This agreement also includes a long-term partnership between BMCI and CIH BANK relating to the distribution of UCITS currently managed by BMCI Asset Management. The common ambition of the two partners is to position the new structure as a key player in asset management in a Moroccan market with strong growth potential.
For CIH BANK, the proposed acquisition of BMCI Asset Management is part of its strategy to offer its customers new innovative investment and savings management products, in line with its digital DNA, and to strengthen thus its position as a distributor of UCITS products on the Moroccan market, all segments combined.