Morocco’s banking sector has entered a historic phase as Saham Finances takes control of Société Générale Maroc. This landmark acquisition, positioning the bank under full Moroccan ownership, redefines its strategic priorities and market role, heralding a bold new chapter.
A deal worth €745 million for a 57.67% stake signals Saham Finances’ determination to bolster Morocco’s economic sovereignty. Approved by Bank Al-Maghrib, this transaction transforms Société Générale Maroc into a wholly local institution, aligning with the country’s aspirations for greater self-reliance in key industries.
Under the leadership of Moulay Hafid Elalamy, a visionary entrepreneur and former minister, the bank embarks on a journey to become a modern financial powerhouse. By integrating strategic subsidiaries such as Sogelease Maroc, Eqdom, and La Marocaine Vie, Saham Finances asserts itself as a dynamic and diversified player within Morocco’s financial ecosystem.
The renewal of governance at Société Générale Maroc reflects Saham Finances’ bold ambitions. Moulay Hafid Elalamy now chairs the Supervisory Board, supported by a team of seasoned experts. Among these are independent members like Driss Benhima and Caroline Zanaret-Giros, whose international insights strengthen the bank’s global perspective.
Operational continuity is maintained under the leadership of Ahmed El Yacoubi, who heads the Executive Board. At the same time, new talent adds robust management expertise. The strategy is clear: resilient leadership and complementary skills are crucial to meeting the demands of this ambitious transformation.
Saham Finances has outlined a clear vision for Société Générale Maroc, anchored in several key priorities. Digital transformation will take center stage, with a focus on leveraging cutting-edge technologies to enhance financial inclusion and make banking services more accessible to underserved populations. Supporting small and medium enterprises, a dominant force in Morocco’s economy, will also be a major focus as the bank crafts tailored solutions to empower local entrepreneurs.
The creation of innovative products will further diversify and enrich the bank’s portfolio. Integrated offerings that merge banking and insurance services, particularly through La Marocaine Vie, are expected to play a key role in this effort. A forthcoming name change and rebranding will symbolize this transformation, strengthening the bank’s connection with its customers.
This acquisition sets a precedent in Morocco’s financial sector, showcasing the country’s ability to reclaim its strategic institutions. It also serves as a call to action for Moroccan businesses to invest in critical sectors of the economy. Heightened competition is anticipated, pushing industry players to diversify their services and improve the customer experience. Analysts believe this transformation positions Société Générale Maroc to lead in banking innovation, while doubling down on sustainability and support for the local economy.
The transition under Saham Finances promises growth and renewal for Société Générale Maroc. With strong governance, a focused strategy, and a commitment to innovation, the bank is poised to drive the modernization of Morocco’s financial landscape. This milestone not only signals Saham Finances’ ambition but also reflects Morocco’s determination to achieve economic sovereignty and redefine its role in the global financial arena.
