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Rabat – Speculations are rife as reports emerge of Moulay Hafid Elalamy, former Minister of Commerce and Industry and CEO of the Saham group, edging closer to acquiring a majority stake of 57% in Société Générale Maroc, while also eyeing sub-Saharan African subsidiaries of the French banking giant.
Over the past few days, rumors surrounding the acquisition of Société Générale Morocco by prominent Moroccan figure Moulay Hafid Elalamy have been gaining traction, with multiple sources hinting at negotiations underway between the Saham holding and the French banking group.
While official confirmation is still pending, reports suggest that Société Générale is in advanced discussions with Elalamy’s conglomerate for the sale of its majority stake in the Moroccan subsidiary.
The speculated transaction, valued at approximately $803 million, marks a significant move in the Moroccan banking landscape.
Société Générale Maroc, the fifth-largest bank in the country, contributed €484 million ($529.07 million) to the net banking income of the Société Générale group in 2023.
Société Générale has been strategically downsizing its operations in Africa since 2022, with recent divestments in the Republic of Congo and Chad. Elalamy’s interest extends beyond Morocco, as he reportedly aims to acquire subsidiaries in countries such as Côte d’Ivoire, Senegal, Benin, and Togo.
These negotiations could potentially grant Saham Holding control over a network of nearly 160 branches across West Africa, with substantial profit records in key markets.
The move comes amidst a broader trend of European banks scaling back their operations in sub-Saharan Africa. Institutions like Barclays, Standard Chartered, and BNP Paribas have either divested from or reduced their presence in various African markets in recent years.
This shift in strategy has paved the way for pan-African banking groups, including those from Morocco, to expand their footprint across the continent.
For Elalamy, whose net worth is estimated at around $1.7 billion, the acquisition signals a strategic step in his ambition to become a major player in the African banking sector. With a proven track record of successful business ventures, including the recent sale of Saham Finances to South African Sanlam, he is set to have the financial clout and expertise to navigate complex market dynamics.
