Real estate and tourism bank increases capital

The governing board of the Moroccan Credit Immobilier et Touristique (CIH), a bank specializing in financing real-estate and tourism projects, has increased its capital by $ 200 million (2 billion Dirhams).

The bank's capital will thus stand at $ 316 million (3.323 billion Dirhams), CIH said in a release.

Banks and financial institutions hold 72.59 per cent of CIH capital, while the state-owned Caisse de Depot et de Gestion holds 35.34 per cent. Other shareholders, namely the central Popular Bank, Axa insurance, Bank Al-Maghrib (Morocco's central bank) and BMCE Bank hold 20.23 per cent, 12.97 per cent, 12.96 per cent and 4.06 percent respectively.

The board approved a reform plan of the bank, which was audited by an international firm, CSC Peat Marwik.

The Moroccan government announced on Thursday that a funds skimming case involving CIH officials will be submitted to court.

"The government will assume fully its responsibility in this case and will submit it to justice that will say its word," Moroccan culture and communication minister, Mohamed Achaari, told the press Thursday at the end of the weekly meeting of the government council, chaired by Prime Minister, Abderrahmane Youssoufi.