CDG Capital

What CDG Capital does

CDG Capital is the investment banking subsidiary of Groupe CDG (Caisse de Dépôt et de Gestion), Morocco's national deposit and public development finance institution. Headquartered in Rabat and operating three core business lines, the bank holds dominant positions across Moroccan capital markets: 42% market share in bond emissions, #1 ranking as private debt operator and bond depositary, and 215 billion MAD in assets under management through its wholly-owned subsidiary CDG Capital Gestion. The bank serves large Moroccan corporates, state-owned enterprises, public institutions, and institutional investors including pension funds and insurance companies. Customer mandates span diverse sectors including mining (OCP, Phosboucraa), water infrastructure (OCP Green Water), railway (ONCF), reinsurance (SCR), pensions (CMR), and automotive finance (SOFAC).

Name

CDG Capital

Legal name

CDG Capital

Website

https://cdgcapital.ma

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

11–50 employees

Short description

CDG Capital is the investment banking arm of Morocco's Groupe CDG, providing corporate advisory, debt and equity finance, capital market services, and asset management (215B MAD AUM) to large Moroccan corporates, government entities, and institutional investors.

Ownership category

akta.pro rank

Product category

Investment Banking

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Finance Services (6199)

akta.pro primary industry

Collateralized Debt Obligations (CDO/CBO/CFO) (FSACACAD)

Keywords

• Investment banking services
• Asset management services
• Capital market services
• Corporate debt finance
• Sustainable finance advisory

Headquarters

HQ city

Rabat

HQ country

Morocco

HQ region

Africa

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Banking / Corporate Advisory: Fees earned from advising large corporates, public institutions, and government entities on financing strategies, M&A advisory, and capital structure optimization. Revenue derived from structuring and arranging debt and equity financing mandates.
2. Asset Management (Investment Management): Management fees and performance fees from managing institutional assets under mandate. CDG Capital manages 215 billion dirhams in assets for pension funds, insurance companies, and institutional investors through its subsidiary CDG Capital Gestion.
3. Capital Market Services: Revenues from bond placement syndicate fees, depository services, and securities administration. The bank serves as the #1 private debt operator and leading bond depositary in Morocco.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

CDG Capital is a Moroccan boutique investment bank that provides corporate and investment banking services including debt and equity financing, capital market intermediation (bond issuance, depositary and securities services), and institutional asset management (215 billion MAD AUM through subsidiary CDG Capital Gestion). It serves large Moroccan corporates, state-owned enterprises, public institutions, and institutional investors with advisory, structuring, placement, and ongoing asset management mandates, alongside sustainable/green finance enabled by Green Climate Fund accreditation.

Product overview

CDG Capital is a Moroccan investment bank and financing institution operating as part of the CDG Group. The company offers three core business lines: Investment Management (managing institutional assets worth 215 GDH), Debt & Equity Finance (corporate investment banking with 42% market share in bond emissions), and Capital Market Services (custody and securities services as Morocco's #1 bond depositary). The bank operates through its subsidiary CDG Capital Gestion for OPCVM and alternative asset management, and maintains CDG Capital Insight for economic research. The institution is also accredited by the Green Climate Fund for sustainable finance operations, with a focus on financing infrastructure, public-private partnerships, and green projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Management
• Debt & Equity Finance (Corporate & Investment Banking)
• Capital Market Services
• Sustainable Finance (Finance Durable)
• Public-Private Partnership (PPP) Advisory

Quantifiable outcome

• 42% market share - leader on bond emissions in Morocco
• +4 more outcomes

Named customers8 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Six partnerships are on record, tiered strategic and core.

• Caisse des Dépôts et Consignations de Côte d'Ivoire (CDC-CI)strategicStrategic or Co-development Partner · 18 October 2022CDG Capital and CDC-CI signed a cooperation convention on October 18, 2022 for technical assistance in setting up the Long-Term Investment Facility (Facilité d'Investissement à Long Terme - FILT). This partnership supports capacity building and knowledge exchange between the two institutions.
• Green Climate Fund (GCF) - Joint IDFC PublicationstrategicStrategic or Co-development Partner · 1 January 2021IDFC and GCF published a joint report highlighting synergies created by their partnership to help development banks finance green and climate-resilient transitions. CDG Capital played a leading role in this collaboration as the first MENA-accredited GCF entity and active IDFC member.
• UN Environment Programme Finance Initiative (UNEP FI)coreStrategic or Co-development Partner · 12 February 2019CDG Capital became an official member of UNEP FI, a partnership between UN Environment and the global financial sector since 1992. The membership provides a platform for knowledge sharing and best practices to catalyze sustainable finance. CDG Capital participates in UNEP FI working groups and initiatives.
• Société Financière Internationale (SFI / IFC - World Bank Group)coreStrategic or Co-development Partner · 6 December 2018CDG Capital and IFC signed a Memorandum of Understanding (MoU) for joint financial advisory services in Public-Private Partnerships (PPP). The partnership enables CDG Capital and IFC to provide advisory services to ministries, public enterprises, and public sector agencies for structuring PPP infrastructure and public service projects in Morocco.
• International Development Finance Club (IDFC)coreStrategic or Co-development Partner · 14 October 2018CDG Capital is an active member of IDFC, a group of 26 national and regional development banks worldwide committed to aligning activities with the Paris Agreement. CDG Capital holds a preeminent role in the network and contributes to strategic studies on development finance and sustainable development objectives at 2030 horizon. The bank presented research on the evolving role of development banks at IDFC annual meetings.
• Vigeo EirisstrategicOthersVigeo Eiris, a leading European and Moroccan RSE rating and audit agency, conducted the ISO 26000 maturity assessment for CDG Capital. The agency designed the ISO 26000 framework adapted to each sector and draws on a unique database of over 4,000 listed companies for benchmarking.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• BMCI: BNP Paribas subsidiary operating in Morocco with corporate banking, capital markets, and asset management capabilities. International backing provides broader product reach than CDG Capital, including cross-border capabilities for Moroccan corporates seeking international finance.
• Banque Populaire du Maroc: Major Moroccan banking group with capital markets, depositary, and advisory activities through subsidiaries. Competes with CDG Capital across multiple product lines but as part of a much larger cooperative banking franchise with broader retail footprint.
• Attijariwafa bank: Largest private-sector banking group in Morocco with full-service capabilities spanning commercial banking, investment banking (via Attijari Finances Corp), and asset management (via Wafa Gestion). Larger and more diversified than CDG Capital but overlaps in capital markets and institutional asset management.
• Société Générale Marocaine de Banques: Major Moroccan bank with Société Générale as international parent, offering investment banking and capital markets services. Competes with CDG Capital for mid-to-large cap mandates and brings international product capabilities through its parent.

Others

• IFC (International Finance Corporation): World Bank Group member focused on private sector development in emerging markets. Comparable institutional mandate to CDG Capital's public-development affiliation, and formal PPP advisory partner (MoU signed 2018). Sister-institution rather than direct competitor.

Direct peers

• Wafa Gestion: Asset management subsidiary of Attijariwafa bank, managing institutional and retail OPCVM funds in Morocco. Directly competes with CDG Capital Gestion for pension fund, insurance company, and institutional asset management mandates in the Moroccan market.
• Attijari Finances Corp: Investment banking arm of Attijariwafa bank, Morocco's largest banking group. Directly competes with CDG Capital in Moroccan corporate advisory, debt issuance, and asset management, serving the same segments of large corporates and institutional investors.
• BMCE Capital (Bank of Africa): Investment banking arm of Bank of Africa (formerly BMCE Bank of Africa). Directly comparable as a Moroccan IB offering advisory, capital markets, and structured finance solutions competing with CDG Capital for the same large-corporate and public-institution mandates.
• Upline Capital: Moroccan boutique investment bank offering M&A advisory and capital markets services. Similar boutique scale and focus on Moroccan mid-to-large cap corporates; competes head-to-head with CDG Capital on advisory mandates.

Regional players

• EBRD (European Bank for Reconstruction and Development): International development bank investing across emerging markets including the southern and eastern Mediterranean region. Comparable DFI mandate with similar climate-finance and PPP capabilities to CDG Capital, but operates across different geographies with similar institutional banking model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/cdg-capital

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CDG Capital