After securing endorsements from key regulatory bodies—including the Competition Council, the ACAPS (Insurance and Social Welfare Control Authority), CNDP (Data Protection Authority), and AMMC (Capital Market Authority)—Bank Al-Maghrib is the last regulator to approve the acquisition of Société Générale Marocaine des Banques (SGMB) by Saham Group. This impending approval signals a historic step for Saham, marking its strategic return to Morocco’s financial industry, a sector it last exited in 2018.
The acquisition, valued at €745 million (approximately 8 billion Moroccan dirhams), grants Saham control over a majority stake in SGMB and ownership of La Marocaine Vie, an insurance subsidiary of France’s Société Générale. Founded by prominent Moroccan businessman Moulay Hafid Elalamy (MHE), Saham’s move reinforces its strategic position in Morocco’s financial landscape and underscores the group’s ambition to capitalize on new opportunities across banking and insurance.
For MHE, the SGMB acquisition represents a significant re-entry into the financial world after Saham’s notable exit from insurance in 2018, when it sold its insurance arm, Saham Assurance, to South Africa’s Sanlam Group for over a billion dollars. This latest acquisition signals Elalamy’s renewed focus on the financial sector, with SGMB potentially serving as a launchpad for broader strategic growth for Saham Group.
Although there have been rumors of Saham’s interest in expanding further into African markets, specifically Société Générale’s Senegalese subsidiary, no concrete steps have been taken in that direction. Instead, Saham’s immediate focus is on strengthening SGMB’s market position in Morocco and maximizing synergy with its existing operations.
The group’s strategy is clear: to stabilize and solidify SGMB before considering future acquisitions. However, Saham remains open to African expansion opportunities that align with its strategic objectives.
Saham’s takeover of SGMB isn’t just a high-stakes acquisition; it has the potential to reshape the Moroccan banking sector, injecting new energy into one of the country’s oldest banking institutions. This acquisition could usher in a wave of modernization, enhancing SGMB’s services, performance, and product offerings, especially in the fields of digital finance and insurance. By absorbing SGMB into its portfolio, Saham is set to amplify its role within Moroccan banking, setting a potential course toward further growth across the African continent.
In the days to come, Bank Al-Maghrib’s official endorsement could finalize the deal, cementing Moulay Hafid Elalamy’s return to finance and ushering in a new era for SGMB and the Moroccan banking landscape as a whole.
