CIH Bank is giving its employees a chance to become shareholders as part of a capital increase worth up to 250 million dirhams.
The plan was approved at an extraordinary general meeting on 22 May and is open to employees of the bank and its subsidiaries.
The employee share offer is part of a broader capital increase programme. CIH has also approved another operation worth up to 750 million dirhams, meaning the bank could raise as much as 1 billion dirhams in total.
The move is about more than raising money.
By opening part of its capital to staff, CIH is also looking to strengthen employee commitment at a time when competition between Moroccan banks is increasing.
Major players including Attijariwafa Bank, Bank of Africa and Banque Centrale Populaire are pursuing growth plans, while Saham has also entered the sector with ambitious goals.
Banks are no longer competing only on financial results. Digital services, customer experience and the ability to attract and keep skilled employees have become increasingly important.
CIH’s employee share offer is aimed at bringing staff closer to the bank’s long term growth plans by allowing them to take part directly in its development.
The practical details of the operation have yet to be announced. The board of directors will determine the subscription price, timetable and participation conditions.
How many employees decide to take part will be one of the key indicators of the programme’s success.
