On Thursday, October 31, 2024, the Credit Institutions Committee met to review the long-awaited Saham-Société Générale merger, giving it the regulatory nod needed to move the deal forward. This approval represents a crucial step in the process, marking the final regulatory green light required for the merger, which has been in the works for months.
This last stamp of approval finalizes a series of regulatory endorsements needed to bring the merger to life. Previously, four major regulatory bodies had already signed off on the transaction: the Competition Council, the Insurance and Social Welfare Supervisory Authority (ACAPS), the National Data Protection Control Commission (CNDP), and the Moroccan Capital Market Authority (AMMC). The final missing piece was Bank Al-Maghrib’s validation, with the Credit Institutions Committee serving as its advisory arm for banking-sector decisions.
However, while this approval is significant, the deal is not fully sealed just yet. The committee’s endorsement still needs to be formalized through an official letter addressed to Bank Al-Maghrib, expected in the coming hours or days. Once issued, this letter will officially conclude a process poised to redefine Morocco’s banking landscape.
The Credit Institutions Committee, a critical authority for decisions governing the banking sector, is chaired by the Wali of Bank Al-Maghrib. Its membership reflects diverse expertise, including another representative from Bank Al-Maghrib, two officials from the Ministry of Finance—among them the Director of Treasury and External Finance—and representatives from several professional associations. This range of voices ensures balanced, comprehensive decision-making within Morocco’s financial sector.
With the committee’s approval, the long-discussed merger between Saham and Société Générale is now poised to move forward, signaling a significant shift for Morocco’s banking sector and potentially impacting the broader economy.
