Abdellatif Jouahri, the Governor of Bank Al-Maghrib, provided an update during a press conference on Tuesday regarding the approval process for Société Générale Maroc, following its acquisition by the Saham Group, led by Moulay Hafid Elalamy.
Jouahri confirmed that the application for approval has been submitted, and the review is currently “in the final stages.” A meeting of the Credit Institutions Committee, in a restricted format, is scheduled for mid-October to deliberate on the matter.
He assured that “everything will be finalized before the end of the year.”
To recap, on April 11, Société Générale and the Saham Group signed two agreements for the sale of Société Générale Marocaine de Banques (SGMB), including its subsidiaries and La Marocaine Vie. The transaction is valued at 745 million euros.
Several regulatory bodies have already approved the deal, including the Competition Council, the Insurance and Social Security Control Authority (ACAPS), and the Moroccan Capital Market Authority (AMMC). Bank Al-Maghrib’s approval is the final step needed.
