After an extensive seven-month review, Bank Al-Maghrib has given the green light for Saham Group to acquire Société Générale Maroc. The €745 million deal was officially confirmed on November 22 with its publication in the Official Bulletin. The closing is expected soon, enabling Saham, led by Moulay Hafid Elalamy, to take full control of the bank and its subsidiaries. This landmark acquisition signals a significant shift in Morocco’s banking landscape.
In March, Bank Al-Maghrib’s governor, Abdellatif Jouahri, clarified that approval required a meticulous analysis of the accreditation file and an in-depth assessment of the project submitted by the prospective buyer. This diligence underscored the importance of ensuring the deal aligned with the nation’s financial stability and long-term objectives.
This acquisition is a key part of Saham Group’s development strategy, spearheaded by former minister Moulay Hafid Elalamy. Saham will now oversee all banking activities of Société Générale Maroc, including its client portfolios and workforce. Additionally, a strategic partnership agreement has been established with Société Générale’s French parent company to enhance financial services for Moroccan customers.
The transition gained momentum in April when Société Générale formalized the sale of its stake in Société Générale Maroc and its subsidiaries to Saham Assurance. This agreement involves the complete transfer of operations, clientele, and employees to Saham Group, marking a seamless transition of ownership.
This milestone transaction is poised to deliver substantial economic benefits for Morocco. It will bolster the credibility of the national financial sector, attract foreign investment, and create new employment opportunities. Furthermore, it promises to elevate local expertise in banking by leveraging the technical knowledge gained through the strategic partnership with Société Générale.
The acquisition not only reflects Saham Group’s ambition but also signifies a new era for Morocco’s banking sector, blending local leadership with international collaboration.
