CIH Bank
 | |
| Formerly | Caisse de Prêts Immobiliers du Maroc (until 1967) |
|---|---|
| Company type | Société anonyme |
| CSE: CIH | |
| Founded | 1920 |
| Headquarters | , Morocco |
Key people | Lotfi Sekkat (president and managing director)[1] |
| Services | Investment banking Retail banking |
 MAD 1,381 billion (2007) | |
| 34.4 million US$ (2016) | |
| Total equity |  MAD 2.3 billion |
| Owner |
|
Number of employees | 1,542 |
| Website | cihbank.ma |
CIH Bank (formerly Crédit Immobilier et Hôtelier) is a bank based in Casablanca, Morocco. Originally focused on financing the real estate and hospitality sectors, the bank has since expanded its operations to become a universal banking institution, offering a full range of financial services to both individuals and businesses.
CIH Bank is controlled by the Caisse de Dépôt et de Gestion (CDG), which holds 67.55% of its capital, primarily through its subsidiary Massira Capital Management.[2]
History
[edit]The bank was established in 1920 under the name Caisse de prêts immobiliers du Maroc (CPIM). Following its expansion into the hospitality sector in 1967, it changed its name to Crédit Immobilier et Hôtelier.
Due to limited capitalization in Morocco’s hotel industry, CIH became a major source of financing for the sector. Hotels unable to repay their loans were often transferred to the bank’s ownership.[3]
CIH Scandal
[edit]In the late 1990s, the CIH scandal erupted. The bank was on the brink of collapse and was allegedly used as a slush fund for years. Nearly half of its loan portfolio—around 10 billion dirhams—consisted of non-performing loans.[4] The legal case lasted nearly two decades.[5][6]
Moulay Zine Zahidi, who served as CIH president from 1994 to 1998, fled Morocco under dramatic circumstances and took refuge in Spain. Claiming to be a victim of the Moroccan state, he gave a controversial interview in which he alleged that he had been ordered to extend credit to insolvent clients.[7]
His predecessor, Othman Slimani, father of writer Leïla Slimani, was also implicated. He was imprisoned before being later exonerated.[8]
Recent developments
[edit]Following a period of reputational and governance difficulties, CIH Bank underwent a turnaround under the leadership of Ahmed Rahhou, who served as president from 2009 to 2019.
During this time, the bank exited the hotel sector by divesting seven hospitality assets[9] and initiated a strategic transformation to become a universal bank.[10] This repositioning gradually allowed CIH Bank to emerge as one of the most dynamic players in the Moroccan banking sector.[11]
In 2023, the bank became the first Moroccan financial institution to implement contactless payment systems via Apple Pay and Google Pay.[12][13]
Services
[edit]In 2022, CIH and MasterCard launched a joint digital payment service "CIH PAY", that allows customers to use their phones for payments and transactions.[14][15]
Previous presidents
[edit]- Ayoub Boubalgha (2001)
- Akram El Masfioui (2002)
- Abdelouahed Souhail (1998 – 2001)[16]
- Mohamed El Alej[17]
- Khalid Alioua (24 July 2004 – 24 April 2009)[18]
- Ali Harraj[18] (Interim)
- Ahmed Rahhou (6 October 2009 – 4 June 2019)[19]
See also
[edit]References
[edit]- ^ "Conseil des ministres : Un nouveau PDG à la tête du CIH". L'Economiste (in French). 2019-06-04. Retrieved 2022-11-08.
- ^ Leboursier, Rédaction (2024-09-04). "Le CIH clôture son augmentation de capital". Médias24 numéro un de l'information économique marocaine (in French). Retrieved 2025-06-25.
- ^ Sabrina Belhouari (June 2010). "Les hôteliers marocains se cherchent encore". Économie et Entreprises.
- ^ Hassan Alaoui (May 2011). "Les dossiers de la honte". Économie et Entreprises.
- ^ "Affaire CIH. La case prison pour Khalid Alioua". Telquel.ma (in French). Retrieved 2025-06-25.
- ^ "Affaire CIH, deux décennies d'injustice: Condamnés au pénal, blanchis au civil". L'Economiste (in French). 2019-05-20. Retrieved 2025-06-25.
- ^ "Décès de Moulay Zine Zahidi, ancien P-DG du CIH exilé en Espagne depuis 2001". Le Desk (in French). Retrieved 2025-06-25.
- ^ "Leila Slimani au "Monde" : "Je n'aurais pas pu écrire ce que j'ai écrit si mon père avait été vivant"". Telquel. 25 March 2018.
- ^ "Les premiers résultats du recentrage". Économie et Entreprises. May 2011.
- ^ Adiba Raji (December 2016). "Rahhou, l'homme qui a réanimé CIH". Économie et Entreprises.
- ^ leboursier (2018-06-03). "Le CIH est la banque la plus digitalisée au Maroc (Etude)". Médias24 numéro un de l'information économique marocaine (in French). Retrieved 2025-06-25.
- ^ "Pays et régions compatibles avec Apple Pay - Assistance Apple (MA)". Apple Support (in French). Retrieved 2024-09-12.
- ^ "Find supported payment methods". Google Wallet Support (in French). Retrieved 2024-10-29.
- ^ "Morocco's CIH, Mastercard Celebrate CIH PAY Launch".
- ^ "Home". cihpay.ma.
- ^ "Abdelouahed Souhail". World Economic Forum.
- ^ "LES RAISONS D'UN LIMOGEAGE". www.mafhoum.com. Retrieved 2025-06-25.
- ^ a b "Ali Harraj, un pur produit de la CDG dont il dirige le pôle financier" [Ali Harraj, CDG company man, its chief financial officer]. L'Economiste (in French). 2001. Archived from the original on February 24, 2011. Retrieved October 24, 2014.
- ^ "SM le Roi nomme M. Ahmed Rehou PDG du crédit immobilier et hôtelier" [His Majesty the King names Mr. Ahmed Rehou President and Director-General of Crédit Immobilier et Hôtelier]. CIH Bank (Press release) (in French). Agadir. 22 September 2009. Archived from the original on October 9, 2009. Retrieved October 7, 2009.
External links
[edit]- (in French) Official website
- (in French) CIH Bank Stock in the Casablanca Stock Exchange
