CIH Bank Plans Major Capital Increase of MAD 1.5 Billion
Rabat — CIH Bank is preparing a major financial move. The bank announced plans to increase capital up to MAD 1.5 billion ($161 million), according to the latest notice for an extraordinary general meeting scheduled for June 11.
The operation will involve issuing new shares through cash contributions, while maintaining subscription rights for current shareholders.
Company officials can implement this capital increase in one or multiple phases over the next three years, based on decisions from the board of directors and the CEO.
This announcement comes after a strong financial performance in 2024.
CIH Bank has reported a consolidated net profit of MAD 966 million ($96.6 million), marking a 24.3% increase from the previous year.
The Bank also reported a 6.1% growth in net banking income compared to 2023, reaching MAD 4.74 billion ($474 million).
The bank also demonstrated careful risk management. Consolidated risk costs decreased by 16.3% to MAD 1.07 billion ($107 million).
As a result, the group's net profit totaled MAD 875.9 million ($87.59 million), showing a significant improvement of 23.3%.
The upcoming extraordinary general meeting will allow shareholders to vote on this proposed capital increase plan, which could substantially strengthen the bank's financial position.
In its efforts to engage Moroccans residing abroad, CIH BANK recently introduced CODE 212 to simplify its remote banking services.
The service aims to meet the needs of Moroccan expatriates, allowing them to open and manage bank accounts online, as well as conduct quick money transfers.
CIH Bank also partnered with Google to provide Google Pay to its clients in Morocco, allowing MasterCard cardholders to use the contactless payment method.
Read also: CIH Bank Reports 24.3% Profit Growth, Surpasses MAD 100 Billion Credit Mark Tags: Banking sectorCapital increaseCIH Bank
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Morocco World
7 hours ago
- Morocco World
NARSA Calls Out Driving Schools for Unfair Practices, Misleading Ads
Rabat – The National Road Safety Agency (NARSA) recently exposed troubling practices within some driving schools, warning that misleading advertisements and undervalued training fees threaten the integrity of the driving education sector. These practices besmirch the reputation of the profession, disrupt fair competition, and ultimately harm both learners and reputable institutions. In an official statement published this week, NARSA reminded the public that the fees for theoretical and practical training are strictly regulated by Ministerial Decision No. 1673.18, issued by the Ministry of Equipment and Transport. The decision sets reference prices for the different categories of driving licenses to ensure consistency and quality among all the training providers. For instance, the training fees for Class A and A1 licenses are set at MAD 2,100, while Class B and E(B) licenses require a fee of MAD 2,250. More advanced categories, such as Class C and D, carry fees of MAD 4,150, and the higher categories E(C) and D(E) require MAD 4,550. These tariffs are the standard, and NARSA requires all driving schools to follow these rates so that the rights of both learners and schools are protected. Read also: Driving Exam: Moroccan Road Safety Agency Reports Surge in Success Rates The agency confirmed it will take firm action against establishments that fail to comply with these regulations. NARSA plans to use all available legal and administrative tools to sanction offenders and ensure the sector operates under fair and transparent conditions. NARSA also lamented unapproved online content relating to driver's education. Some websites have been sharing inaccurate and unofficial information that could mislead candidates preparing for their driving tests. In response, the agency has initiated legal proceedings against the owners of these sites to halt the spread of such misinformation. Mohamed Ait Arjdal, head of NARSA's driving education sector, explained that these measures aim not only to enforce rules but also to safeguard fairness in the industry. He pointed out that undervaluing training fees and disregarding contractual obligations undermine trust and reduce the overall quality of driver education. 'This effort guarantees equal opportunities for candidates and maintains a fair environment for schools that follow the law,' Ait Arjdal told SNRTnews. He urged learner drivers to be wary of unrealistically low prices and misleading ads, stressing the importance of choosing schools that adhere to official norms to be well prepared and pass the driving license examination. Tags: driving licensedriving license examMorocco driving licenseNARSA
Morocco World
8 hours ago
- Morocco World
Spanish Media: Elon Musk's Dubai Loop Mirrors Spain-Morocco Tunnel Project
Rabat — Spanish media, including El Faro de Ceuta, suggest that Elon Musk's newly unveiled Dubai Loop carries a resemblance to the undersea tunnel project seeking to connect Spain and Morocco. In February, the Tesla CEO and billionaire Musk announced the Dubai Loop project that seeks to ensure a fast transportation system across Dubai's densely populated areas. According to UAE news agency WAM, Musk stressed that the project would allow people to travel 'as they were moving through a 'wormhole' within Dubai.' ' Musk spoke about improving government efficiency, pointing out that the biggest challenge lies in reducing bureaucracy and enhancing the technology used within government institutions,' the news agency said, noting that the tech entrepreneur stressed the importance of strong public support for such reforms. El Faro de Ceuta said today that the project involves parallels to the proposed underwater tunnel between Spain and Morocco, which aims to connect the two territories across the Strait of Gibraltar in the coming years. In May, converging reports said that Spain allocated €1.6 million to study the viability of an underwater tunnel connecting Europe and Africa. The Spanish Ministry of Transport reportedly reduced the initial budget from €2.4 million after modifying some planned tasks. Herrenknecht, the world-leading German company in tunnel development and implementation, is studying construction feasibility, with the aim of completing the assessment by June. The project is in line with efforts and commitment from the two countries to upgrade infrastructure and boost cooperation at all levels, as Spain and Morocco are co-hosting the 2030 World Cup alongside Portugal. In March, the Moroccan government announced plans to invest $1.25 billion in highway infrastructure projects ahead of the World Cup. The investment plan covers the period from 2025 to 2032, focusing on three major projects: the Continental Rabat-Casablanca Highway, the Tit Mellil-Berrechid Highway, and transforming the Ain Harrouda and Sidi Maarouf junctions. .
Morocco World
8 hours ago
- Morocco World
Vulnerable Moroccan Women Exploited in Spain, Then Expelled
Rabat — Two Moroccan women employed in Spain's lucrative strawberry harvest were reportedly recently sent back to Morocco under troubling circumstances—one while five months pregnant, and another after being diagnosed with cervical cancer. Unions and migrant rights organizations, cited in Spanish media reports, have condemned both incidents as blatant violations of labor laws and basic human dignity, accusing employers of exploitation and neglect. In contrast, the companies involved have downplayed the allegations and offered conflicting accounts in an apparent attempt to deflect responsibility. Unprotected pregnant worker The cases were extensively reported by the Spanish newspaper Publico in an article titled 'A pregnant woman and another with cancer sent back to Morocco: labor rights don't grow in strawberry fields'. In the first case, a group of Moroccan women were hired through Spain's Collective Management of Hiring in the Country of Origin (GECCO) program, which facilitates seasonal labor contracts for agricultural work. They arrived in Huelva in April to work for Berrys la Dehesa, a farm in the town of Cartaya. According to the Workers' Commissions union (CCOO), the women were left without formal contracts, pay slips, or social security registration. Believing their employment would continue, they had already sent their April wages home, leaving them stranded and without resources. CCOO states that the company stopped giving them work after May 9 and failed to provide the required documentation. 'They were left in a situation of extreme economic vulnerability,' said Teresa Pulido, provincial secretary of CCOO's Industry branch. 'They had no money, no legal protection, and were pressured to leave the country 'by their own means'—a clear violation of GECCO's commitments.' Among the group was a woman five months pregnant, whose case drew particular concern. The union filed formal complaints with Spain's Labor Inspectorate and the Government Subdelegation in Huelva. After the intervention, the company was eventually forced to sign contracts and process their Foreign Identity Cards (TIE), which are essential for eligibility in future work seasons. The women have since returned to Morocco, but CCOO has requested that they not be assigned to the same company in future campaigns, to prevent possible retaliation. When approached by journalists, the employer reportedly refused to answer questions. 'I have nothing to say,' he told Publico. According to CCOO, the employer also reacted aggressively during negotiations, allegedly telling a union representative: 'You're not going to mess with me, kid.' Discarded cancer patient In a second, even more alarming case, Zahra, a 47-year-old Moroccan woman who has worked in Huelva's berry fields for seven years, was sent back to Morocco after being diagnosed with cervical cancer. She had been receiving treatment at the Juan Ramón Jiménez Hospital in Huelva, with medication prescribed through September. The Association of Immigrant Women in Action (AMIA), which remains in contact with Zahra, says the decision to send her home has put her life at risk. 'She can't stop crying,' said Fátima Ezzohayry, AMIA's president. 'She has no money to continue treatment in Morocco, where everything costs money, and public healthcare is limited. If you can't afford it, you die faster.' Zahra is a single mother of six, with three children still in her care. She had stopped working on May 12 due to her illness and was depending on Spain's social security system, which she had contributed to for years as a seasonal worker. AMIA argues that she should have been granted medical leave, not deported. AMIA is now demanding her return to Spain to continue cancer treatment. 'After seven years of legal work under GECCO, she has rights—to sick leave, to care, to dignity,' said Ezzohayry. 'You can't just discard her like this.' The strawberry industry's main association, Interfresa, disputes AMIA's account. Through its Prelsi program—a corporate social responsibility initiative—Interfresa claims Zahra chose to return home. 'She requested to go back to Morocco after being diagnosed with terminal cancer, to be with her family,' said a Prelsi coordinator, who added that Zahra later phoned to thank them for the support in arranging her return. AMIA strongly refutes this version. 'That call was not to thank them,' said Ezzohayry. 'It was to ask for the hospital reports and lab tests she needs for her treatment in Morocco. Without them, doctors there would have to start all over again.' Zahra's former employer, Berrys La Fontanilla, and the cooperative Fresón de Palos, have reportedly declined to comment publicly. Fresón de Palos only told Publico that Zahra was 'supported in everything she needed.' As far as a death sentence The report states that this isn't the first time such a case has surfaced. In 2022, another Moroccan woman named Smahia, also working in Huelva under GECCO, was sent home after being diagnosed with terminal cervical cancer. She had been coming to Spain for 14 years and was supporting four children. According to the group Jornaleras en Lucha, Smahia's employer in Almonte dismissed her condition, suggesting she was 'faking it' to stay in Spain. She died shortly after returning to Morocco. The strawberry industry in Huelva, which spans 11,700 hectares, produces over 350,000 tons of fruit annually and contributes roughly 8% of Andalusia's GDP. Huelva accounts for 97% of Spain's red fruit production, making it a major exporter to countries like the UK, Germany, France, and the Netherlands. The sector depends heavily on migrant labor, particularly through the GECCO program, which brought 17,000 Moroccan women to Spain this year alone—4,000 for the first time. While GECCO is presented as a model of circular migration, these recent cases have sparked renewed scrutiny. 'Most employers do things right,' said CCOO's Pulido, 'but when cases like this come to light, it damages the reputation of the entire sector. We must ensure that those who violate the rules face consequences.' 'I wish I had drowned in the sea' The abuse of Moroccan seasonal laborers in Huelva is a long-standing issue, far from being limited to isolated incidents. In 2021, Morocco coordinated the repatriation of 170 women who had been stranded in Spain after facing urgent personal and health-related crises, including illness, the death of relatives, advanced pregnancies, or even childbirth. The repatriation followed negotiations between Spanish and Moroccan consulates and included COVID-19 precautions such as testing and hotel quarantine. That situation echoed the year before, when over 7,000 Moroccan women were trapped in Spain due to pandemic border closures, pleading for return while enduring economic and emotional hardship. These incidents are part of a longer pattern of abuse in Spain's berry industry. Moroccan seasonal workers have repeatedly raised alarm over exploitative labor practices in Huelva's farms — from unpaid wages and excessive hours to degrading treatment and, in some cases, sexual violence. A 2019 New York Times investigation quoted a worker who described the experience as being 'brought to be exploited and sent back,' adding: 'I wish I had drowned in the sea before coming here.' The persistence of such testimonies underscores the systemic nature of the abuses faced by migrant women working in Spain's lucrative red fruit sector.
