After securing endorsements from key regulatory bodies\u2014including the Competition Council, the ACAPS (Insurance and Social Welfare Control Authority), CNDP (Data Protection Authority), and AMMC (Capital Market Authority)\u2014Bank Al-Maghrib is the last regulator to approve the acquisition of Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Marocaine des Banques (SGMB) by Saham Group. This impending approval signals a historic step for Saham, marking its strategic return to Morocco\u2019s financial industry, a sector it last exited in 2018.<\/p>\n
The acquisition, valued at \u20ac745 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\u2019s Soci\u00e9t\u00e9 G\u00e9n\u00e9rale. Founded by prominent Moroccan businessman Moulay Hafid Elalamy (MHE), Saham\u2019s move reinforces its strategic position in Morocco\u2019s financial landscape and underscores the group\u2019s ambition to capitalize on new opportunities across banking and insurance.<\/p>\n
For MHE, the SGMB acquisition represents a significant re-entry into the financial world after Saham\u2019s 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\u2019s renewed focus on the financial sector, with SGMB potentially serving as a launchpad for broader strategic growth for Saham Group.<\/p>\n
Although there have been rumors of Saham\u2019s interest in expanding further into African markets, specifically Soci\u00e9t\u00e9 G\u00e9n\u00e9rale\u2019s Senegalese subsidiary, no concrete steps have been taken in that direction. Instead, Saham\u2019s immediate focus is on strengthening SGMB\u2019s market position in Morocco and maximizing synergy with its existing operations.<\/p>\n
The group\u2019s 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.<\/p>\n
Saham\u2019s takeover of SGMB isn\u2019t just a high-stakes acquisition; it has the potential to reshape the Moroccan banking sector, injecting new energy into one of the country\u2019s oldest banking institutions. This acquisition could usher in a wave of modernization, enhancing SGMB\u2019s 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.<\/p>\n
In the days to come, Bank Al-Maghrib\u2019s official endorsement could finalize the deal, cementing Moulay Hafid Elalamy\u2019s return to finance and ushering in a new era for SGMB and the Moroccan banking landscape as a whole.<\/p>\n","protected":false},"excerpt":{"rendered":"
After securing endorsements from key regulatory bodies\u2014including the Competition Council, the ACAPS (Insurance and Social Welfare Control Authority), CNDP (Data Protection Authority), and AMMC (Capital Market Authority)\u2014Bank Al-Maghrib is the last regulator to approve the acquisition of Soci\u00e9t\u00e9 G\u00e9n\u00e9rale Marocaine des Banques (SGMB) by Saham Group. This impending approval signals a historic step for Saham, […]<\/p>\n","protected":false},"author":1,"featured_media":4034,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[21,23],"tags":[],"class_list":{"0":"post-7309","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance-business","8":"category-news"},"yoast_head":"\n